Abstract
Goods and Service Tax (GST) is a Value Added Tax (VAT), which hypothetically to be put into effect from April 2010, but because of conflicting interest of stakeholders and various political controversies it has been passed in both Houses of Parliament on Aug. 3, 2016. It alone indirect tax which influence the whole economy directly. It is aspiring as iron out wrinkles of current indirect taxes and has a far-reaching impact on GDP. India is a centralized constitutional economy. GST is applicable on all States and Union territories, known as CGST (Central Goods & Services Tax) and SGST (State Goods & Services Tax). The ill effects of cascading can be mitigated after tie up the central and states taxes in solitary tax. The economy is expected to pave the way of common national market as it will provide benefits to consumer by reducing overall tax burden of goods, which is currently estimated at 25% to 30%. Thus, introduction of Goods and Service Tax (GST) is a gigantic tax transform in contemporary ancient times. 
 Ignorance of law is no excuse but is liable to panel provisions, hence why not start learning GST and avoid the cost of ignorance. We all need to know, whether GST is willingly or imposed. This paper describes a brief introduction of current indirect tax structure and GST in India. What are challenging factor in implementation and what can be the opportunities of GST in India.
Highlights
4) Natural gas, Aviation Turbine Fuel (ATF), High Speed Diesel (HSD), Crude oil, Petrol products are exempted till the GSTC (Goods and Service Tax Council) discloses date of their formation
2) GST is a subsume of various States and Central taxes like excise duty, cess, service tax, countervailing duty etc., but many more are left which should be included like electricity, alcohol etc
The introduction of GST is a historical reform in Indian taxation system
Summary
The word “Tax” has been borrowed from Latin word “Taxo”, which means “To Estimate” and Taxation refers to the act of laying a tax, or of imposing taxes, as on the subjects of a state, by government, or on the members of a corporation or company, by the proper authority; the raising. According to “Manu Smriti”, the king should charge in following manner: 1) The merchants and craftsperson of gold and silver should pay 1/5th of their profit. In India, Islamic rulers were first ruler who introduces per capita yearly tax, known as Jizya, which was imposed on non-Muslim community. After sometime, it was consecutively stamp out by Akbar. The GST will substitute the following taxes currently levied and collected by the Centre: a) Central Excise duty b) Duties of Excise (Medicinal and Toilet Preparations) c) Additional Duties of Excise (Goods of Special Importance) d) Additional Duties of Excise (Textiles and Textile Products) e) Additional Duties of Customs (commonly known as CVD) f) Special Additional Duty of Customs (SAD) g) Service Tax ii. The GST will incorporate following State Taxes: a) State VAT b) Central Sales Tax c) Taxes on advertisements d) Purchase Tax e) Entry Tax in lieu of octroi f) Entertainment Tax (not levied by the local bodies) g) Taxes on lotteries, betting and gambling h) State cesses and surcharges insofar as they relate to supply of goods and services i) Luxury Tax [191]
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