What is GST, how is it different from now: Decoding the indirect tax regime

What is  GST?   It is a proposed new indirect tax regime, where one commodity will have the same rate, pan-India. There could be exceptions based on local importance, in which case those would be exempt. Input tax credit Refunds  for taxes paid on input. This would be done in each stage, so that there is no cascading  tax on tax. How is it different from now? In GST, only two b…