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India’s GDP is estimated to have increased 7.2 per cent in 2017-18 and 7 per cent in 2018-19. Its performance has been quite stable in last 6-7 years after recovery from impact of global financial recession. Similarly, the Indian economy has witnessed a gradual transition from a period of high and variable inflation to a more stable and low level of inflation in the past five years, according to the Economic Survey. The current phase of low inflation is marked by a reduction in both urban and rural inflation. Based on this the survey argued that amidst the gloomy landscape of unusual volatility in the international economic environment, India stands as a haven of stability and an outpost of opportunity.  Importance of Macro-economic stability  •Investors like macro-economic stability. If the economy is not well-managed, financial markets react negatively, at times even disproportionately, making economic management a lot more difficult, which can lead to a full-blown crisis....

GST is an indirect tax which has replaced many extant indirect taxes in India. The Goods and Service Tax Act was passed in the Parliament on 29th March, 2017. The Act came into effect on 1st July, 2017; Goods & Services Tax Law in India is a comprehensive, multistage, destination-based tax that is levied on every value addition.  Under the GST regime, the tax is levied at every point of sale. In the case of intrastate sales, Central GST and State GST are charged. Inter-state sales are chargeable to Integrated GST. In the earlier indirect tax regime, there were many indirect taxes levied by both state and centre. States mainly collected taxes in the form of Value Added Tax (VAT). Every state had a different set of rules and regulations. Inter-state sale of goods was taxed by the Centre. CST (Central State Tax) was applicable in case of inter-state sale of goods. Other than above, there were many indirect taxes like entertainment tax, octroi and local tax that was levied by state...