How does CGST contribute to the Indian economy?
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CGST, along with other components of GST, contributes to the Indian economy by simplifying the tax structure, reducing tax evasion, promoting compliance, and fostering a conducive environment for business growth. It has streamlined the tax administration process, enhanced tax buoyancy, and contributed to increased tax revenues for both the central and state governments. Additionally, GST has facilitated the ease of doing business by eliminating multiple tax checkpoints and reducing the compliance burden on taxpayers. Overall, CGST plays a crucial role in promoting economic efficiency and competitiveness in India.