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IMPACT OF GST ON INDIAN ECONOMY (IMPACT on AUTOMOBILE INDUSTRY)
Anju Bala Goyal
Abstract:
In an effort to simplify taxes and stimulate economic growth, India's government implemented the Goods and Services Tax (GST) in 2017. With the automotive industry being one of India's most important drivers of industrial growth and job creation, this study aims to thoroughly analyze the effects of GST on the country's economic development. To do a quantitative study, one must compare the economy's growth, tax income, investment trends, and consumer behaviour before and after GST implementation. This article aims to shed light on the many aspects of GST's impact on the car industry by analyzing empirical data and expert opinion. These aspects include price variations, supply chain efficiency, tax compliance loads, market competitiveness, and customer preferences. Contributing to the current body of knowledge on taxation changes and economic development methods, this paper outlines the numerous effects of GST on the Indian economy, specifically within the car sector. Insights gained from this study can help scholars, policymakers, and industry stakeholders evaluate the success of the Goods and Services Tax (GST) and develop plans to promote long-term economic growth in India.
