The Goods and Services Tax (GST) is a simplified tax structure that replaced multiple indirect taxes in India. Some of the effects of GST on the Indian economy are: reduced total taxable amount and increased funds for production, support for small and medium enterprises with financial aid and lower tax rates, increased volume of export and competitiveness in the global market, enhanced operations across India with uniform tax rates and compliance, and no more cascading effect of taxes and reduced tax burden on consumers.
