Many developing nations keep on facing serious problems in developing satisfactory and brisk to react tax systems. While every among of these ways to reform is fundamental, at last what 50 years of experience lets us know is that enhancing the accuracy and comprehension with which monetary issues both inside and outside government, is the truly basic fixing to creating reasonable and practical expense frameworks in developing nations like India. GST, simplest tax filing approach and simpler tax system, Government of India is attempting to improve the government's income collection, in the meantime guaranteeing that cumbersome taxes don’t dissuade investors. There are blended reactions, inexplicit, contentions and suppositions among the Manufactures, brokers and other peoples about the Goods and Services Tax (GST) to be executed by Government of India from 1^st April 2017. The Good and services tax (GST) is the greatest and generous indirect tax reform since 1947. The primary thought of GST is to supplant existing taxes like sales tax, value added tax etc. The proposed paper provides brief description of the background of the GST, objectives of the GST and the impact of GST on various sectors in India. The paper also investigates different advantages and challenges of GST.