Probably Demonetization and Goods and service Tax are the two major reforms ever taken in Indian economy, that too in exactly a brief span of two years. The Goods and service Tax has been imposed with the intention that Goods and service Tax will transform India’s tax structure, and can make the complete system taxation system, easy and transparent. In any developing country Small and medium traders are the real economic pillars of the economy and are verity Growth Drivers of developing economy. India too could be a developing economy hence the rule is applicable without exception. Around three and half million small and medium enterprises carrying on the business in India together with generation of employment at vast level. Since it's contributing to Business, hence it's Tax Generator in two forms. One is for tax and other one is for revenue enhancement. Generation of Goods and Services attracts tax and Generation of employment regimes tax to government by putting revenue enhancement on salary. However the tactic of charging revenue enhancement in slab system is usually a matter of debate on different class of Goods and Services. Various studies are conducted considering the above citied aspect and considering the assorted pros and cons of enforcing the Goods and service tax system. The Object of the said research is to make an evaluation of the impact of the Goods and Service Tax on Indian Economy with respect to all kinds of the business. Hence the scholar has tried to seek out out How the Goods and Service tax has impacted the Indian economic System.

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Keywords: Goods and Service Tax, Employment, Taxation, Indirect Tax and Direct Taxes.