Addressing the joint sitting of both Houses of Parliament, the president said the indirect tax system is being made simple and effective.
"With the implementation of GST, the concept of 'One country, One tax, One market' has become a reality. Efforts to further simplify the GST will continue," he said.
The GST, which subsumed over a dozen local taxes, was rolled out on July 1, 2017.
He said that keeping in mind the interest of traders, accident insurance of up to Rs 10 lakh will also be provided to all traders registered under GST.
Kovind also said for small traders, the government will soon constitute the National Traders Welfare Board and formulate a National Retail Trade Policy to promote retail business.
The taxation regime, he noted, plays an important role in accelerating economic development.
"Along with continuous reform, simplification of taxation system is also being emphasised. Exemption to persons earning up to Rs 5 lakh from payment of income tax is an important step in this direction," he added.