At present in India, there are various type of taxes being levied differently by Central and state government like Central excise duty, service tax and customs duties at the Central level and VAT (valueadded tax), entertainment tax, luxury tax or lottery taxes at state level. All these will be replaced by one single point of taxation i.e. GST. It would facilitate more seamless movement across the nation and will reduce the overall transactional cost of running the business and thereby also reducing the compliance of following multiple tax rules and obligations. Today it is highly relevant to achieve the high growth in the economy. It may also reduce corruption and bring more efficiency in running businesses. In this study we have discussed all these.