Probably Demonetization and Goods and Service Tax are the two major reforms ever taken in Indian economy, that too in just a short span of two years. Goods and Service Tax is an overall tax levied on production to service steps. The Goods and Service Tax has been imposed with the intention that Goods and Service Tax will transform India’s tax structure, and will make the entire system taxation system, easy and transparent. In any developing country Small and medium traders are the real economic pillars of the economy and are the true Growth Drivers of developing economy. India too is a developing economy hence the rule is applicable without exception. Around three and half million small and medium enterprises carrying on the business in India along with generation of employment at vast level. Since it is contributing to Business, hence it is Tax Generator in two forms. One is for Indirect Tax and other one is for Direct Tax. Generation of Goods and Services attracts Indirect Tax and Generation of employment regimes Direct tax to government by putting Income Tax on salary. However the method of charging Indirect tax in slab system is always a matter of debate on different class of Goods and Services. Various studies have been conducted considering the above citied aspect and considering the various pros and cons of enforcing the Goods and Service Tax system. The above research has been undertaken with an evaluative study of impact of Goods and Service Tax on selected group of tax payers. The scholar has tried to find out whether the actual benefit of Goods and Service Tax has been obtained as it was claimed before introduction Goods and Service Tax to replace the existing Vat and Sales Tax System.

Keywords: Goods and Service Tax, Employment, Taxation, Indirect Tax and Direct Taxes.