The introduction of GST (Goods and Services Tax) in India has had a significant impact on the Indian economy. Some of the major sectors that have been benefitted or affected by GST are:
1. Improved tax compliance: GST has led to improved tax compliance as it has eliminated the need for multiple taxes thereby minimizing tax evasion.
2. Boost to manufacturing and exports: With the introduction of GST, the cost of raw materials and manufacturing has come down leading to a boost in exports.
3. Simplified tax regime: GST has simplified the tax regime by bringing together various taxes into one thus reducing the compliance burden on businesses.
4. Negative impact on small businesses: Small businesses have been affected negatively as they do not have the infrastructure to integrate GST system.
5. Positive impact on service sector: The service sector has benefitted from the introduction of GST as service tax has been aligned with the new tax regime.
Overall, the introduction of GST has had a positive impact on the Indian economy with improved tax compliance, boost in manufacturing and exports, and simplified tax regime being some of the key benefits.