Goods and Services Tax (GST) is a type of indirect tax and it is one of biggest reform in Indian tax structure. The Goods and Service Tax Bill or GST Bill, officially known as The Constitution (One Hundred and Twenty-Second Amendment) Bill, 2014. 16 years wait is almost finished when Rajya Sabha and Lokh Sabha passed ’The Goods and Service Tax Bill’ in the month of August, 2017. Good and Service tax is also known as ‘National Value Added Tax’. India is a developing country; the main source for income is coming through tax levied on the individual on the purchase of goods or services, now the question is goods and service tax is favorable or unfavorable to Indian society and economy? A country’s development is highly depends with taxation structure and collection of money from tax as revenue. Fiscal policy will play big role in deciding tax system. Reform in tax system reduces level of inflation and boost up the level of development. Most of the Developed and Developing Asian countries already implemented Goods and Service Tax system and noted benefits of implementation. As per foreign country sources this tax system is already friendly in nature to Workers and Public. In India already all states are accepted this tax bill. In India Goods and service tax impact on Sectors/Companies like Banks, Consumer staples, Consumer Discretionary, Media and entertainment, Telecom, Auto and Auto ancillary, metals, cement, Pharma, Real Estate etc. Some sectors may face negative impact due to rice in tax price. Likewise, some sector will face positive impact fall in tax price.GST is one indirect tax for the complete nation, which will make India one unified common market. The paper having objective that presenting the importance of Goods and services tax in the Indian Economy, its impact and the future prospect for product and service industry in India. The collected is secondary based from the various publications, books and websites.

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