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India’s GST, introduced in 2017, in what was the biggest change to the country’s tax system since independence, replaced over a dozen state taxes, simplifying the tax system by establishing a single national sales tax.
The GST has improved the business environment, and is expected to boost inter-state trade and increase tax revenues in the long run.
Moreover, the GST eliminated tax cascading, reducing manufacturing costs, and simplified the tax structure for goods, contributing to the growth in registered companies and formalization of the economy.
Tax compliance has increased, reducing tax evasion and facilitating the tracing of transactions. Additionally, the removal of interstate restrictions has improved efficiency and lowered logistical costs, potentially stimulating economic growth.
