GST stands for ‘Goods and Services Tax’ implemented by the Government of India since 1st July, 2017. Goods and Services tax is a newest taxation system in India. It is a indirect taxation has a huge impact on business both big and small and change the way of economy functions. This tax is combined by the central and state government. The parliament legislation of every state will have the power to make law under the article of 246 Act with respect to goods and services to improve by union government or by the state government. The main purpose of GST is to bring about the single tax system for the manufacture and the sale of goods at the both central and the state level in the country. The GST is mainly implemented to remove all other taxes like VAT (Value-Added Tax), Excise duty and Sales Tax. Through this paper one can be in a position to understand about the concepts, objectives, impact and the implications of the Goods and Service Tax on various sectors in Indian economy. 
KEYWORDS: Indirect Taxation, Good and Services Tax (GST), Marketing, VAT, Economy. 

Introduction The Good and Services Tax (GST) is the biggest and substantial indirect tax reform since 1947. GST is expected to create a business friendly environment, as price levels and hence inflation rates would come down overtime as a uniform tax rate is applied. GST is a single indirect tax which was levied on the product or service which is sold in the market. It replaces multiple taxes such as Central Excise Duty, Central Sales Tax, State Sales Tax, Service Tax, special additional duty on customs, etc. Indirect taxes of State government like State VAT, Purchase Tax, Luxury Tax, Tax on Lottery and Gambling was replaced by SGST. This three type's tax structure is helping in transforming the country into one unified common market. More than 150 countries have implemented GST so far.

Review of Literature

          Sehrawat and Dhanda, (2017), studied, “GST in India: A Key Tax Reform” and concluded that due to dissilent environment of India economy, it is demand of time to implement GST.

          Agogo Mawuli, (2018), studied, “Goods and Service Tax-An Appraisal” and found that GST is not good for low-income countries and does not provide broad based growth to poor countries. If still these countries want to implement GST then the rate of GST should be less than 10% for growth.

          Hitesh K. Prajapati, (2018), in his paper on Challenges and Implementation of GST in India talked about the challenges in implementation of GST like IT sector is not boomed, threshold limit of turnover for dealers under GST is another bone of contention between the government and the Empowered Committee etc.