In July 2017, GST Bill was launched in India. It is described as the biggest fiscal reform aimed at simplifying and rationalizing the present system of taxation by transforming the nation into a amalgamated market through a dual levy (State and Central GST) mechanism. The strong federal structure of government is particularly helpful for ensuring accomplishment of this model of revenue sharing. Moreover, inter–state supplies will create a center of attention for an Integrated GST, which will replace a host of indirect taxes and lesser tax burden by taxing Inter-State business deals only once. GST in India is a four tiered structure, with lower tax slabs (of 0% & 5%) aimed at making it less regressive. France was the first to introduce GST in 1954; since then 160 countries have adopted different models of VAT/GST. VAT/GST rates differ widely among countries – from 5% in Canada to 22% in Italy. India has higher rate of GST at 18% as against other emerging market economics and likely necessitated by the fact that indirect taxes continue to be the main supply of income for the government. This article provides a general idea of Goods & Services Tax (GST) in India by synthesizing the information available in the most recent government documents, newspaper reports and articles, published pre and post the launch of GST. It aims to provide an understanding of GST in comparison to previous taxation regime and describes the global experiences of VAT/GST that was taken into account by RBI. It touches upon the changes in GST subsequent to its roll out and thus, provides an updated view of various developments related to GST in the country.   
 
KEYWORDS: Fiscal, GST Bill, Tax Regime, Indian Taxation Policy. 

Introduction On 1 July 2017, India launched its biggest ever fiscal reform, the Goods & Services Tax Bill or GST Bill India. It was issued as the Constitution (122nd Amendment) Act 2016, after the Constitution 122nd Amendment Bill. It is governed by the GST Council and its Chairman, Union Finance Minister of India. This tax reform is aimed at simplifying the existing arrangement of taxation by transforming the nation into a integrated marketplace by replacing all the indirect taxes with one taxi. It represents a historic opening to cut back on the tax system that is complicated in terms of rates and structures.ii 

Meaning of GST

          Both Goods & Services Tax (GST) and Value Added Tax (VAT) are indirect taxes charged on the value added to the product. These are indirect taxes because they are charged on services or commodities before they are sold to the customer but customers ultimately pay as part of market price before it is paid to the government.

          GST is based on the destination principle, which is impartial with regard to cross-border business. The destination approach ignores where goods are created; instead, the tax depends on where consumption occurs.iii