The Impact of GST and MSME Sector
The biggest tax reform is GST, and now goods and services tax will be part of our economy. The new uniform tax structure will lead to indirect taxes on existing existing tax legislation, and the new tax system will eliminate the sequential effects of taxes on product and service transactions and increase the availability of products and services. Offer affordable services to consumers. It is expected that it will help purchasers' buying power and increase production, which can increase GDP by 1% ~ 3%. This tax reform has a positive effect on GDP, but on the other hand it has a negative effect on GDP. Here we describe the effects of two aspects. Another important indirect tax reform that has awaited the introduction of GST (goods and services tax) will be of great help in stimulating the "Make in India" vision. This reform will stimulate Indian production by eliminating the terraces and simplifying the current complex indirect tax structure. "Make in India" is an important initiative to encourage production and create employment, leading to start-ups but requires successful development.