The Indian economy is a testament to the rapid growth in a very short period of time. Direct and indirect taxes are a major source of Earning for the government. The chairman of the 13th Financial Commission, Dr. Vijay Kelkar, has proposed a reasonable, scientific and modern tax system in line with developed countries that laid the foundation for the introduction of Goods and Service Tax (GST) in India. Tax planning is planned and implemented in a way that leads to the development of the country. A Tax structure that makes it easier to do business and free of tax evasion brings prosperity to the country's economy. The Goods and Services Tax (GST) has been a major and comprehensive indirect reform since 1947. Tax exemptions such as value added tax, excise duty, service tax and sales tax are a key concept of GST. It will be placed in the construction of the sale and use of goods and services. The GST is expected to take advantage of the existing tax structure and lead to economic integration. This paper has highlighted the background, objectives of the proposed GST and the impact of GST on various areas of the Indian economy. This paper continued to focus on the various benefits and opportunities of GST. Finally, the paper examines and draws a certain conclusion.

KEYWORDS: GST, Indirect Tax, Fiscal Federalism, Tax Reform.