(GST is one of the biggest tax reforms in the history of India. GST has been implemented across the country on 01 July 2017. The full name of GST is Goods and Service Tax. As soon as it is implemented, people have got freedom from indirect taxes like service tax, sales tax, VAT, excise duty etc. The common man has benefited the most after the implementation of GST, because now things are available at the same rate across the country. After the introduction of GST, the tax structure has become uniform and completely transparent, which has reduced tax disputes. The four types of GST are Central GST (CGST), State GST (SGST), Integrated GST (IGST)and Union Territory GST (UGST). Almost all products and services in India are subject to GST, which is divided into four rates: 5%, 12%, 18% and 28%. Goods and Services Tax or GST is the new indirect tax regime of the Government of India. The intention of implementing GST in India was to make compliance easier for business. GST has several advantages and disadvantages that affect both consumers and sellers. Let us find out the effects of GST on the Indian economy through this article.).

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Keywords: GST, Consumer, Producer, Centre, State.