The latest turn moil in economy of the Great India biggest tax reform after 2005 VAT. Similar misconceptions, confusions is being faced by masses in the subcontinent. It is a political victory of ruling party to get the GST bill passed in rajya sabha and eventually the the President. It is also deemed and looked as major tax reformer bound to make economy stronger and more stable with perpetual growth. It is a step to unite and bring all the indirect taxes levied on a single stage to form a common market for 1.25 billion population.

it’s a blanket indirect tax that will subsume several indirect state and central taxes such as value added tax (VAT), excise duty, CST, different state taxes, central surcharges, entertainment tax, luxury tax and a slew of related levies by local bodies.

GST is a ‘destination-based’ tax, which means it’s charged where goods are consumed, as opposed to where they are produced. Because it shifts the power that several Indian states have had in imposing indirect taxes on the production and movement, a centralized GST Council has been set up that will decide which taxes will fall in the purview of states and which can be subsumed into the GST. A dispute resolution mechanism will also be established to resolve any GST-related disputes.

While it is projected as a major tonic to the economy and GDP with additional increase in atleast 2% growth rate on other hand with short term perspective it will be a mixed bag for the common man with hot and cold emotions. But for a farsight and long term it will be a win win situation for common man as well as economy as it is argued that a welfare economy is not a healthy structure for business to grow but GST is tend to turn the tables. Basis the GST implementation experience in most countries, India may witness an inflationary impact during the transition phase, which should fade away with the legislation sinking in and operationalizing of measures like anti-profiteering

A commoner should, at least till the time the service industries do not pass on the benefit of increased credits, budget for some increased pocket pricking on some necessary services like:

Also, in the backdrop of quite a bit of current exemptions subsiding, various essential services may cost an arm and a leg under the GST regime. For example, where the current exemptions are discontinued:

Implementation and success of any big or small reform depends purely upon intention of government and mutual effort of the masses. Without mutual efforts no reform could be made successful.Rest lies in the lap of future. LIKE MY POST ON THE BLOG SO GUYS WISH ME AND GST GOOD LUCK FOR OUR EFFORTS AND FEEL FREE TO GIVE SUGGESTIONS CORRECTIONS. THANK YOU 
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DISCLAIMER:These are personal views of author with inputs from various government and other sources. Readers Discretion is advised.