What is the impact of GST on Indian Economy

Discuss the impact of GST on Indian Economy highlighting the major sectors benefitted or affected
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.
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