Abstract: Goods and Services Tax (GST) was introduced in India on July 1, 2017, with the promise of simplifying the complex indirect tax system and fostering economic growth. Since its inception, the Indian government has made several amendments to the GST framework, aiming to address challenges, improve compliance, and create a more efficient taxation system. This comprehensive study delves into these GST amendments and assesses their impact on India's economy, businesses, and tax administration.

The study begins by providing a brief overview of the GST system in India, highlighting its significance in unifying the country's tax structure and facilitating a seamless flow of goods and services across state borders. It then explores the key amendments made to the GST framework, including changes in tax rates, procedural simplifications, and the introduction of new concepts like e-invoicing and the e-way bill system. Special attention is given to the major reform - the shift from the multi-tiered tax structure to a simpler two-tiered structure, with the implementation of the GST Compensation Cess.
The impact of these amendments on various sectors of the Indian economy is rigorously analyzed. The study assesses how changes in tax rates have affected consumer behaviour, inflation, and demand for goods and services. It also investigates the compliance burden on businesses, both large corporations and small and medium-sized enterprises (SMEs), and evaluates the ease of doing business in the post-amendment GST era. Furthermore, the study examines the role of technology in streamlining GST compliance, with a focus on the success and challenges of e-invoicing and the e-way bill system.

The study also scrutinizes the fiscal implications of these amendments, with a focus on revenue collections, the compensation mechanism for states, and the overall impact on the government's finances. Additionally, it investigates the extent to which GST amendments have contributed to reducing tax evasion and enhancing transparency in the tax system.

Keywords: GST, Goods and Services Tax, Taxation in India, Tax Reform, GST Amendments, Economic

| DOI: 10.17148/IARJSET.2024.11622