This document provides an overview of the Goods and Services Tax (GST) system in India. It explains how GST works and the consequences of implementing it. GST will replace many existing taxes, like VAT and service tax, with two taxes - CGST for the central government and SGST for state governments. There will be four GST tax categories including 0%, 5%, 12-18%, and 28% for luxury items. Some items like essential goods will be taxed at lower rates while others like air conditioners and restaurant meals may become cheaper under GST.