This video talks about the Goods and Services Tax (GST) which was introduced in the country. The lecture features an explanation about the idea of the GST, how it is different from the other taxes, the need for GST and the impact of this tax on the economy if it is implemented. The concept behind the Goods and Services tax and the two basic categories of taxes in the country are described. The video also explains the practical effects of GST if levied with the help of lucid examples. The possible benefits of GST as well as the probable disadvantages are talked about. Also explained is how GST in India would be different from GST in other countries. Also covered are items exempt from GST, GST Council, the State GST, the Central GST, the Integrated GST and the issues with GST in India.