Published Paper Details:

On July 1, 2017, India implemented the Goods and Services Tax (GST), which marked a significant shift in the country's taxation system. GST was intended to replace a fragmented and confusing tax structure, creating a single national market, increasing tax compliance, and stimulating economic growth. This paper examines the impact of GST on India's economic growth, looking at its prospects, problems, and possible future choices. The study investigates the positive effects of GST, such as increased tax collection, reduced tax evasion, and improved trade efficiency through the removal of interstate obstacles. It also addresses the significance of GST in encouraging economic formalization and boosting business convenience, hence it's making India a more appealing investment choice. However, the paper identifies several barriers in fully realizing GST's potential, including the complexity of the multi-slab tax structure, the increased compliance burden on small businesses, technological issues in the GST network, and regional disparities in implementation. Furthermore, the paper discusses the adverse effect on specific industries, particularly SMEs, who confront difficulties in adapting to the new system. The research continues by suggesting future possibilities for improving GST efficacy, such as streamlining tax slabs, upgrading digital infrastructure, and giving sector-specific help. By resolving these concerns, India can maximize the benefits of GST while promoting long-term inclusive economic growth.