Published Paper Details:

GST is one of the games changing tax reforms in the indirect tax structure of India. The previous tax regime comprised of separate Centre and State laws. Therefore, to bring transparency and reduce 'tax on tax', a single, unified tax in the forms of GST was introduced. These types of tax system involve levy on the supply of goods or services or both with concurrent jurisdiction of Centre and States. This law will replace all indirect taxes levied on goods and services by the central government and state government implement GST by April 2017. Implementation of GST will have a long-term impact on almost all the aspects of the business running in India. With more than 160 countries now adopting GST. It is a single, destination based indirect tax levied on the value addition to goods as well as services at each stage of the supply chain. The main objective of levying such a tax is to consolidate multiple indirect tax levies into a single tax. Thus, GST subsumes bundle of taxes. It completes the limitations in the previous indirect tax structure and brings efficiency in the administration of tax. In this tax reform restructured our economy and business dynamics MSME sector. The MSME sector is a major contributor in our economy, IT contributes significantly on Indian economy. MSME sector is the one of the fastest emerging manufacturing segments. This paper help to find how GST impact and what are its implications on the MSME sector. From an industry point of view, 5 years provide a good timeframe to assess what more needs to be done for GST to fully achieve its objectives of rationalization of taxes, simplification in compliances, seamless flow of credit and yielding the benefits of 'One Nation, One Market and one tax' to businesses at all levels