In the present research paper, an attempt has been made to study impact of Goods and Service tax in Indian Economy. India is a developing country where Indirect Tax is levied by Central and State Government. Value Added Tax is levied by State Governments which is a compulsory contribution to state revenue, levied by the government on workers' income and business profits, or added to the cost of some goods, services, & transactions. There are two taxation systems in India i.e. direct tax and indirect tax. Goods and Service Tax (GST) is a great reform in the indirect tax system in India. The indirect tax is a main source of taxation for the Central Government. At present, there is great problem with the current regime of taxation system in India. Goods and Service Tax (GST) is the most awaited tax reform in the country. Presently there are many indirect taxes as central excise. VAT, service tax, luxury tax etc. which would get merged less than one tax i.e. GST. This is a single tax which will be levied on the product or service which is sold. The GST, as discussed above is an indirect tax and will be borne by the customer/consumer. There will be a standard rate of GST on various goods and services. Goods and Service (GST) is officially known as the constitution (one hundred and twenty second amendment) bill, 2014. The GST implementation in India is Dual in nature, i.e. it would consist of two components: one levied by Centre (CGST) and another levied by States and Union Territories (SGST).

KEYWORDS: SGST, CGST, Central Excise, VAT, Service Tax, Luxury Tax.