What does GST stand for?
GST stands for Goods and Service Tax. The new tax structure will be adopted from July 1, 2017. This will help simplify taxation as different kinds of taxes will merge into each other and a single value will be changed at the end. GST is a historic reform as most products across the country will witness a decrease in taxation for the first time in last so many years.
The real effect will be visible after the given date as not every manufacturer is bound to bring down the prices for Indian customers. Some segments like superbikes and mild hybrid cars will see an increase in their price tag.