Name: Sanket L. Charkha
Country: India

Year: 2021
Volume: Volume-8, Issue-1 (January-June)
Page Number: 33-37

ABSTRACT
The Goods and Services Tax (GST) is the largest tax reform in India since independence, and it is
planned to revolutionized the Indian tax system. It would incorporate and simplify the indirect
taxation process, replacing complex taxes such as state VAT, central excise, service tax, entry tax or
octroi, and other indirect taxes. GST represents a significant shift from state-by-state taxation to a
single-nation, single-tax structure that affects a variety of business factors such as portability,
cashflow, and sourcing, pricing, and supply chain. The main goal of this system is to eliminate all
indirect taxes and replace them with a single GST. As the name implies, the GST may be applied to
all goods and services. GST is a tax that must be paid on the supply of goods and services. GST is
payable by someone who presents or offers goods and services. The effect of GST on MSME's is
highlighted in the paper. MSMEs in India are significant contributors to the Indian economy and
growth engines. Because of its low capital intensity and high labour absorption. The MSME sector
has contributed significantly to the country's manufacturing output, job creation, rural
industrialization, and exports. Only agriculture provides more job opportunities than this industry.
Around 120 million people are estimated to be employed in the industry, which accounts for around
46% of India's total exports.
Key Words: Goods and Service Tax (GST), MSME, Indian Economy,