GST impact on Indian Economy

What will GST mean for the Indian economy overall

There are a variety of estimates of the benefits of GST to the Indian economy. Firstly, in terms of tax efficiency and reduced compliance, it will be a big boon for business. The secondary impact of GST is likely to increase GDP growth by 200 bps over the next 3-4 years. GST also brings India’s indirect tax structure in tune with global benchmarks. The only downside could be that oil & gas is outside the purview of GST. Since this sector accounts for 28% of indirect tax collections, it may substantially dilute the beneficial impact of GST. But surely GST reduces the transaction cost in India by creating one big unified national market. That could be the biggest economic takeaway from

Impact -> Positive.

What GST means for Indian IT Companies ?

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