The paper aims to explain meaning of GST, and its effect on the Indian economy as well as human life. Under the GST scheme, remarkable distinction is not made between goods and services for levying of tax burden. Same rate of tax is introduced for goods and services both. Post-independence GST is the biggest and most ambitious tax reform plan yet that aimed to stitch common market of fiscal barriers between states. It is a single national uniform tax levied across India on all goods and services. GST includes commodities of state and central list on which various indirect state and central taxes like value added tax (VAT), state duties, central surcharges, luxury taxes, entertainment taxes and a bunch of taxes by local bodies were levied. The objectives of this paper are:  To bring the conceptual clarity on Goods and Service Tax (GST)  To analyze the ACES (game winners i.e. PROS) and PLOYS (game spoilers i.e. CONS) of Goods and Service Tax (GST)  To study the consequence of Goods and Service Tax (GST) in India.  The main purpose of this research study is to comprise of two components: Center and State. It is also imposed on each and every transaction of the goods. This study is done as an explanatory paper.   
 
KEYWORDS: Goods & Service Tax, GST, Impact of GST, Aces, Pros, Ploys, Cons. 

Introduction Taxes put an important effect on human life as well as the economy of any country. Taxes are levied in two major forms either as Direct Tax or as Indirect Tax.  Under Indirect taxation GST scheme has been announced curtailing all other types and categories of taxes, which was earlier done with a major distinction as good or services, but now  remarkable distinction is not made between goods and services for levying of tax burden. Same rate of tax is introduced for goods and services both. Postindependence GST is the biggest and most ambitious tax reform plan yet that aimed to stitch common market of fiscal barriers between states. It is a single national uniform tax levied across India on all goods and services. GST includes commodities of state and central list on which various indirect state and central taxes like value added tax (VAT), state duties, central surcharges, luxury taxes, entertainment taxes and a bunch of taxes by local bodies were levied. GST is one indirect tax for the entire nation, that has made Indian economy one unified common market. GST is a solo tax mechanism on the supply of goods and services, right from the manufacturer to the consumer.  

        Under GST, the burden of tax collection will be divided equitably between manufacturing and services, through a lower tax rate by increasing the tax base and minimizing exemptions. On 1st July, Goods and Service Tax (GST), a form of indirect tax was applied throughout the country replacing multiple indirect taxes levied by the Central and State govt. The different tax rates of GST are 5%, 12%, 18% and 28%. It is the biggest tax reform in the country.