Since Independence, implementation of Goods and Services tax in India a biggest indirect tax reform. GST know as destination-based consumption tax, goods and simplified tax been implemented since 1st day of July 2017across the country. All major indirect taxes, like central excise duty, additional duty of custom, special additional duty of custom, services tax, central sales tax, surcharge and cess levied by the central legislature and value added tax, purchase tax, entertainment tax, luxury tax, entry tax, octroi surcharge and cess levied by the state legislature will be subsumed in one tax only called GST. Aim of the study is emphasis the significance of new indirect tax regime especially in context with provisions related to input tax credit. Study is descriptive in mature and will provide a better understating about to goods and services tax and provisions related to input tax credit under the law. Like every coin has two sides similarly, Goods and Services tax has also negative as well as positive outcomes. Likewise, in short run stakeholder will face some difficulties under new indirect tax regime however; in long run it will boost the Indian economy. Stakeholders will get benefitted by the new indirect tax regime.
KEYWORDS: Economy, Input Tax Credit, Goods and Services Tax (GST), Indirect Tax.
