Impact Of GST on Markets and Small Business

Abstract

GST entered into force on 1 July 2017, which stated that this would affect the prices of almost all consumer products and services currently available. GST stands for Goods and Service Tax. In order to maintain the political and economic stability of the country, governments often implement policies. There are many types of policies that governments will enforce in the interest of their own stability. However, one of the most important policies used in almost every country is taxes (ie direct or indirect taxes). Analysts claiming to be the largest indirect tax reform since India's independence expect GST to have a positive impact on the Indian economy.