GST 2.0 Reforms Rapid Growth to MSME's Sector in Indian Economy

This study examines the transformative potential of GST 2.0 and Micro, Small, and Medium Enterprises (MSMEs) in transforming the Indian economy. As the backbone of India's industrial and services sectors, MSMEs play a vital role in providing employment, driving exports, and contributing to the Nation's GDP. Concurrently, the implementation of GST 2.0 is a proposed improvement of the initial Goods and Services Tax regime, aiming to enhance tax compliance, streamline procedures, and foster a common national market. The research study examines how the formal inclusion of MSMEs in the tax system under GST 2.0 can contribute to greater transparency, improved access to finance, and enhanced competitiveness. It also explores issues of compliance cost, digitalisation, and regulatory consciousness as faced by MSMEs. Based on a combination of qualitative observations and quantitative inputs, the project aims to assess the combined impact of GST reforms and MSME expansion on economic growth, employment generation, and sustainable development. The study concluded with policy suggestions to enhance MSME support systems and maximise GST 2.0 implementation towards sustainable and equitable economic development.