Abstract
Goods and Services Tax (GST) introduced in India from July 1, 2017 which replaced multiple indirect taxes levied on goods and services like central excise duty, service tax, VAT, octroi and other local taxes. By subsuming multiple indirect taxes into one, GST also reduced the tax burden on several goods. This paper is to assess the impact of GST implementation on small and medium enterprises (SMEs) in India and identify the key challenges and opportunities for SMEs post the rollout of GST regime in India. Initially majority of SMEs faced an increase in the compliance burden due to GST. The finding underscore that in the long run, the nationwide single market enabled by GST is expected to boost SME competitiveness through opportunities for expansion, reduced inventory costs and ease of doing business.
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More From: Kaav International Journal of Economics , Commerce & Business Management
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