Main Article Content
Abstract
Transformations are an uninterrupted process. Any new law levied or any new bill implemented or changes implemented will leave an impression on the people in general. It is generally the common public who are been affected directly or indirectly by these new laws or new changes or new bill. Goods and service tax is paradigm shift in the taxation system, it is an indirect tax system introduced basically to overcome cascading of taxes. It is applicable throughout the country. It is the biggest restructuring in the economy. GST is applicable for all goods and services and the rates are charged under various slabs for various category of goods and services. Generally the GST rate slabs are 0%, 5%, 12%, 18%, 28% for different goods and services. Almost all indirect taxes are swapped by GST. Implementing GST has left lot of impact on our life, this paper highlights on how the implementation of GST has changed the lifestyle of the people and how day-to-day goods and services will pocket the end user’s wallet. GST as name implies it is the tax on goods and service and it is a simplified tax. The main intention is to reduce the burden on the end users. But instead of charging one single tax rates, the common man are charged with different rates for different goods and services. This paper studies the effect of the GST in India and its impression on general public’s financial plan and affect the end users wallet