The idea of Goods &Service Tax (GST) was contemplated in 2004 by the Task Force, named Kelkar Committee, on the implementation of Fiscal Responsibility and Budget Management Act, 2003 in India. This Committee was convinced that a dual GST system shall be able to tax all the goods and services in Indian Economy. It will be helpful to cover wider market of tax base system and also help to improve revenue collection through levying and collection of indirect tax. According to GST, every person is liable to pay tax on output and tax will be apply only on value added amount. GST consider the principle of “one nation, one tax and one market.” GST exists in more than 160 countries of the world. It will help to improve the productivity in the country as well as benefited to the consumers because as maximum rate of GST is predetermined. It helps to avoid double taxation system, tax evasion etc. Government proposed State GST as well as Central GST. State GST includes sales tax/ VAT which are collected by states and Central GST includes excise duty, custom duty, service tax etc which are imposed by Central Government. In GST, goods and services rates classified under different five categories of taxes: - 0 percent, 5 percent, 12percent, 18percent and 28 percent. The GST bill was implemented in India from 1st April 2017. In this particular research paper we discuss about probable pros and cons of GST system in Indian context and positive and negative impact of GST on businesses and Indian Economy.