Abstract
Goods and Services Tax (GST) is an indirect tax which was introduced in India on 1 July 2017 and was applicable throughout India which replaced multiple cascading taxes levied by the central and state governments. The Goods and Services Tax was launched at midnight on 30 June 2017 by the Prime Minister of India, Narendra Modi. The launch was marked by a historic midnight (30 June – 1 July) session of both the houses of parliament convened at the Central Hall of the Parliament. The session was attended by high-profile guests from the business and the entertainment industry including Ratan Tata. The Goods and Service Taxation (GST) policy of India is a step to normalize the taxes applied on various goods and services. This would curb off the cascading effect of the taxes, and in turn bring out a better place for the customers and suppliers. It is expected to have a tax only on the value addition and no business costs for the procurement of inputs, raw material or input services. It is a boon in the long run… there may be some problems like unequal price rise and fall of different commodities, short term loss to the local bodies etc but in a long run it's going to make our economy more robust transparent and efficient. In this paper we made an attempt to bring out the windfall of the new indirect tax just introduced in India.