The long-awaited Goods and Services Tax (GST) rolls out tonight even as Opposition parties have said they will boycott the midnight event in the Parliament. 
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Most economists agree the reform -- first proposed in 2006 -- is necessary and long overdue, but warn the initial shock to the economy is likely to drag, rather than stoke, growth in the short term as businesses adjust.

Traders across the country staged protests today, saying they&#39;re not ready for GST. Some also say it is not feasible for small traders. 
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Small manufacturers, service providers and traders whose annual turnover is below Rs 20 lakh are exempt from GST. 
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The limit is Rs 10 lakh for 11 states including Sikkim, Assam, Arunachal Pradesh, Manipur, Meghalaya, Nagaland, Mizoram, Tripura, Uttarakhand, Jammu &amp; Kashmir, Himachal Pradesh. 
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Also, those with an annual turnover of up to Rs 75 lakh can opt for composition scheme. 
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GST rate of composition is as follows: 
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1% GST: Traders 
2% GST: Manufacturers 
5% GST: Restaurants 
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Here&rsquo;s how GST will affect day-to-day products.&nbsp;

0% GST: Unpacked food grains, jaggery, milk, eggs, curd, lassi, unpacked paneer, unbranded natural honey, fresh veggie, unbranded wheat, unbranded flour, unbranded besan, prasad, palmyra jaggery, salt, kajal, phool bhari jhadoo, children&#39;s drawing and colouring books, education services, health services. 
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5% GST: Sugar, tea, roasted coffee beans, edible oils, skimmed milk powder, milk food for babies, packed paneer, PDS kerosene, domestic LPG, fabric, footwear (up to Rs 500), apparels (up to Rs 1,000), cashew nuts, resins, agarbatti, coal, coir mats, matting, and floor covering. 
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12% GST: Butter, ghee, almonds, fruit juice, packed coconut water, preparations of vegetables, fruits, nuts or other parts of plants including pickle, murabba, chutney, jam, jelly, umbrellas, cell phones. 
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18% GST: Hair oil, toothpaste, soap, pasta, corn flakes, soups, ice creams, toiletries, computers, printers.

Although products like kumkum, sindooor, etc have been exempt from GST, a tax rate of 28% has been levied on sanitary napkins.

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GST rate for household goods. (Image source: Pib.nic) (Others)
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Here's a list of household items and how much you'll be paying for them post-GST

The long-awaited Goods and Services Tax (GST) rolls out tonight even as Opposition parties have said they will boycott the midnight event in the Parliament. Most economists agree the reform -- first proposed in 2006 -- is necessary and long overdue, but warn the initial shock to the economy is likely to drag, rather than stoke, growth in the short term as businesses adjust. Traders across the country staged protests today, saying they're not ready for GST. Some also say it is not feasible for small traders. Small manufacturers, service providers and traders whose annual turnover is below Rs 20 lakh are exempt from GST. The limit is Rs 10 lakh for 11 states including Sikkim, Assam, Arunachal Pradesh, Manipur, Meghalaya, Nagaland, Mizoram, Tripura, Uttarakhand, Jammu & Kashmir, Himachal Pradesh. Also, those with an annual turnover of up to Rs 75 lakh can opt for composition scheme. GST rate of composition is as follows: 1% GST: Traders 2% GST: Manufacturers 5% GST: Restaurants Here’s how GST will affect day-to-day products. 0% GST: Unpacked food grains, jaggery, milk, eggs, curd, lassi, unpacked paneer, unbranded natural honey, fresh veggie, unbranded wheat, unbranded flour, unbranded besan, prasad, palmyra jaggery, salt, kajal, phool bhari jhadoo, children's drawing and colouring books, education services, health services. 5% GST: Sugar, tea, roasted coffee beans, edible oils, skimmed milk powder, milk food for babies, packed paneer, PDS kerosene, domestic LPG, fabric, footwear (up to Rs 500), apparels (up to Rs 1,000), cashew nuts, resins, agarbatti, coal, coir mats, matting, and floor covering. 12% GST: Butter, ghee, almonds, fruit juice, packed coconut water, preparations of vegetables, fruits, nuts or other parts of plants including pickle, murabba, chutney, jam, jelly, umbrellas, cell phones. 18% GST: Hair oil, toothpaste, soap, pasta, corn flakes, soups, ice creams, toiletries, computers, printers. Although products like kumkum, sindooor, etc have been exempt from GST, a tax rate of 28% has been levied on sanitary napkins. GST rate for household goods. (Image source: Pib.nic) (Others) ×

GST: How much will household goods cost?

Traders in Uttar Pradesh staged protests against the implementation of the Goods and Services Tax today, shuttering wholesale markets, and, in Kanpur, stopping a train.

Kanpur -- the business hub of the state -- was one of the main centres of the protest, with office bearers of trade organisations participating in the protests.

Traders squatted on rail tracks and stopped the Kanpur- Pratapgarh passenger train in a protest against the new tax regime.

Reports of protests also came in from Varanasi, Allahabad, Jhansi, Faizabad, Shahjahanpur and Ghaziabad.

&quot;We are not against the GST. But we are certainly not happy with the way GST is being implemented. The officials and traders are not ready. Apart from this, the portal is not ready,&quot; Rajiv Anand, chairman of UP Yuva Vyapar Mandal told PTI.

He also said it is not feasible for small traders to engage the services of a chartered accountant.

&quot;Today a large number of shops ranging from groceries and bullion to wholesale and clothes remained closed. The transformation to GST should have been gradual and not a sudden one,&quot; Anand said.

Akhil Bhartiya Udyog Vyapar Mandal leader Gyanendra Misra protested at the Lucknow railway crossing in Kanpur at around 9.30 AM and stopped the local train. They were later removed by GRP (Government Railway Police) personnel.

Traders claimed the bandh caused losses of over Rs 2,000 crore.

Ashok Kumar, a garment shop owner said, they are yet to get a clear view of the GST.

&quot;We are keeping our fingers crossed. Let&#39;s hope that whatever will happen, will turn out to be good.&quot;

Similar views were also echoed by Deep Jaiswal, a medicine seller, who said that the roll out of GST will have minimum impact on the consumers.

Attempting to allay fears of the public, tax lawyer Ashish Tripathi said, &quot;GST will have a positive impact on the public, as it will remove the prevailing mechanism of levying tax over tax, giving some relief to the consumers.&quot;&nbsp;

Kanpur was one of the main centres of the protest, with office bearers of trade organisations participating in the protests

Traders in Uttar Pradesh staged protests against the implementation of the Goods and Services Tax today, shuttering wholesale markets, and, in Kanpur, stopping a train. Kanpur -- the business hub of the state -- was one of the main centres of the protest, with office bearers of trade organisations participating in the protests. Traders squatted on rail tracks and stopped the Kanpur- Pratapgarh passenger train in a protest against the new tax regime. Reports of protests also came in from Varanasi, Allahabad, Jhansi, Faizabad, Shahjahanpur and Ghaziabad. "We are not against the GST. But we are certainly not happy with the way GST is being implemented. The officials and traders are not ready. Apart from this, the portal is not ready," Rajiv Anand, chairman of UP Yuva Vyapar Mandal told PTI. He also said it is not feasible for small traders to engage the services of a chartered accountant. "Today a large number of shops ranging from groceries and bullion to wholesale and clothes remained closed. The transformation to GST should have been gradual and not a sudden one," Anand said. Akhil Bhartiya Udyog Vyapar Mandal leader Gyanendra Misra protested at the Lucknow railway crossing in Kanpur at around 9.30 AM and stopped the local train. They were later removed by GRP (Government Railway Police) personnel. Traders claimed the bandh caused losses of over Rs 2,000 crore. Ashok Kumar, a garment shop owner said, they are yet to get a clear view of the GST. "We are keeping our fingers crossed. Let's hope that whatever will happen, will turn out to be good." Similar views were also echoed by Deep Jaiswal, a medicine seller, who said that the roll out of GST will have minimum impact on the consumers. Attempting to allay fears of the public, tax lawyer Ashish Tripathi said, "GST will have a positive impact on the public, as it will remove the prevailing mechanism of levying tax over tax, giving some relief to the consumers."

Protests against GST: Traders stop train in UP's Kanpur

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GST: How much will household goods cost?

Protests against GST: Traders stop train in UP's Kanpur