• Boda. Chandra Shekar

New taxes on products and services were implemented on July 1st of this year, beginning in California. As part of the new system, all of the current indirect taxes were scheduled to be replaced with a single tax. Consumption taxes are levied on items and services depending on where they are going to be utilised in accordance with the Products and Services Tax (GST) (Bhushan Satya). When a producer sells a product or service to a consumer, GST is a single tax that's added on top of whatever they sell. When it comes to value added taxes, it's all about the end user bearing the brunt of the cost, since input tax credits are transmitted to subsequent levels of value addition. Tax cascading will be reduced, if not eliminated, when the GST is implemented, according to the expectations.It is the goal of this article to emphasise the economic costs and advantages of the adoption of the GST. Also, the study seeks to determine what the economy's growth rate would be following the implementation of the GST Finally, the research aims to determine how it will affect the economy in the long run and how it will assist the economy in the short term.In India, the impact of indirect taxes, such as GST, on small and medium-sized enterprises is being studied. Indian and other relevant literature up to 2020 has been researched, which includes both published and unpublished sources. The necessary literature has been selected with sufficient care and study. Thematic analysis and presentation of insights gleaned from a substantial body of literature. It is obvious from the findings of this study that GST has a significant impact on prospects for small and medium-sized enterprises (SMEs) in India as well as the experiences of SMEs in other countries and the present issues faced by SMEs in India. Significantly, the impact of GST on small and medium-sized businesses (MSME) across a wide range of sectors would be variable as well as dependent on state politics. This study serves as a foundation for future research and helps MSME owners and policymakers make educated choices.

Economic growth, tax collection, and tax revenue

"BENEFITS AND IMPLICATIONS FOR THE INDIAN ECONOMY OF THE GOODS AND SERVICES TAX", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.9, Issue 7, page no.a753-a762, July-2022, Available :http://www.jetir.org/papers/JETIR2207092.pdf

"BENEFITS AND IMPLICATIONS FOR THE INDIAN ECONOMY OF THE GOODS AND SERVICES TAX", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.9, Issue 7, page no. ppa753-a762, July-2022, Available at : http://www.jetir.org/papers/JETIR2207092.pdf