Tax payments are inevitable issues for the customers. Whenever we invest on goods and services, we need to pay a good deal of taxes and we cannot refrain from paying so as they are levied upon us by the Central and State Governments. It irks us when we need to pay added amounts as ‘entertainment tax’ when we buy movie tickets, when we need to pay substantial VAT by picking our necessities from groceries, when we need to pay hefty ‘luxury tax’ while leaving a high class hotel and so on. The obligation to lend money in different forms of ‘indirect taxes’ will never leave us. So it can be said that the taxation system followed in India is quite complicated and it demands to be simplified for the sake of citizens.

GST Bill which plans for ‘singletaxation system’ is ideal for putting kibosh on all types of taxes and make Indians payone tax. All the taxes are being combinedinto a sole unit which are charged on all the goods and services we purchase from the market.

Alongside easing up the taxation process, GST (goods and services tax) will also perk up the revenue. It is estimated to increase up to 1.5% and it has been also predicted by the experts that it will lessen fiscal deficit.

Following are some of the important features of GST Bill passed by RajyaSabha on 3^rd August, 2016:

• Government of India will follow the dual GST: CGST (Central Goods and Services Tax) and SGST (State Goods and Services Tax). Both the Central and State Governments will control the regulation of GST at same par.
• The rates of at which CGST and SGST are to be imposed have to be jointly consented by both the Central and the State Government at the same time.
• Unlike the other taxes, GST will not be charged on manufacture or sale of goods or services. It will be charged on the supply of goods or services.
• GST can also be regarded as the ‘destination based tax’ as it being collected by the final end customer at the target. The supplier need to pay it during the initial stage of supply process but can claim for the refund later on.

So it can be concluded that that the effective implication of GST bill can be highly beneficial for the suppliers and customers thereby developing the country.