Goods and Service Tax (GST) was implemented in India in July 2017, with main tax slabs of 0%, 0.25%, 3%, 5%, 12%, 18% and 28%. GST is a single national uniform tax levied across India, it is considered as a biggest tax reform of our Country. Many indirect taxes such as excise duty, central sales tax (CST) and value- added tax (VAT) etc. were merged and subsumed under a single regime, Introduction of GST expected as a significant and historic step which would develop the country’s economy as the fastest growing economy in the world. It is implemented to benefit the government by providing better control  and facilitating the monitoring and to reduce tax evasion, from tax payers point of view to reduce overall tax burden on goods and services by providing free movement of goods and it also eliminated the payment of state tax and also reduce the paper work. GST is affects many factors of economy in positive or negative manner. This paper will discuss about benefits, Issues and impact of GST on Indian economy and research is Exploratory in nature. Secondary data is used for the study. The data is collected from different Journals, articles, magazines and internet.

Keywords: GST, VAT, CST, Excise Duty, Tax Evasion, State Tax, Factors of Economy.