GST stands for Goods and Services Tax. It is an indirect tax that was implemented in India on 1st July 2017. GST has replaced multiple indirect taxes levied by the Central and State Governments, including Central Excise Duty, Service Tax, Value Added Tax, and Octroi. The concept of GST is aimed at creating a uniform tax structure across the country, and it works on the principle of value addition. GST is levied on the value added to goods and services as they move across the supply chain, from manufacturers to wholesalers to retailers. GST has significant importance for the Indian economy. It has simplified the tax structure, leading to ease of doing business and better compliance. It has also reduced the tax burden on businesses, making them more competitive and helping to increase consumption. Moreover, GST has brought more transparency to the tax system, reducing corruption and tax evasion. The impact of GST on the Indian economy has been largely positive. It has led to increased GDP growth, improved tax compliance, and increased revenue collection for the government. On the downside, GST has also led to an increase in prices of essential goods and services in the short run. However, it is expected to stabilize in the long run. - GST is an indirect tax implemented in India on 1st July 2017, replacing multiple indirect taxes - GST aims to create a uniform tax structure across the country and works on the principle of value addition - GST has simplified the tax structure, leading to ease of doing business and better compliance - GST has reduced the tax burden on businesses, making them more competitive and leading to increased consumption - GST has brought more transparency to the tax system, reducing corruption and tax evasion - The impact of GST on the Indian economy has been largely positive, leading to increased GDP growth, improved tax compliance, and increased revenue collection for the government - However, GST has also led to an increase in prices of essential goods and services in the short run, but it is expected to stabilize in the long run.