GST is one of the biggest tax reforms in India since Independence. Here are some significant impacts of GST on the Indian economy:

• GST has simplified the indirect tax structure by replacing multiple taxes with a unified tax. This has simplified tax compliance for businesses and traders.
• It has reduced the cascading effect of taxes by allowing input tax credit (ITC) across the supply chain, which has reduced overall tax incidence for businesses.
• It has brought transparency in the tax system by providing a common platform for taxpayers to comply with their tax obligations and for tax authorities to monitor the tax compliance of businesses.
• It has improved the ease of doing business in India by reducing the compliance burden and administrative costs for businesses.

The impact of GST on different sectors of the Indian economy has been varied. While some sectors such as logistics, warehousing and e-commerce have benefited from the simplified tax structure and reduced compliance burden, other sectors such as real estate and textiles have faced some challenges in the initial stages of implementation. To improve the implementation of GST, the following measures can be taken:

• More efforts can be made to bring more businesses under the GST regime and increase the tax base.
• The GST rates can be rationalized to make them more uniform across sectors and reduce the compliance burden on businesses.
• More awareness and education programs can be conducted to increase the awareness about GST among taxpayers and improve their compliance levels.