The Goods and Services Tax (GST), the biggest reform in India’s indirect tax structure since the Indian economy began to be opened up 25 years ago, at last becomes a reality when parliament passed the GST bill. Once GST comes into effect, all central- and state-level taxes and levies on all goods and services will be subsumed within an integrated tax having two components: a central GST and a state GST. This will ensure a complete, comprehensive and continuous mechanism of tax credits. Under it, there will be tax only on value addition at each stage, with the producer/seller at every stage able to set off his taxes against the central/state GST paid on his purchases. The end-consumer will bear only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages. Under GST regime lot of underground transactions will come over ground and unlike pre-GST regime, where there were more taxes on fewer items, now there will be less taxes on more items, promoting more compliance and consequently bolstering economic growth.