The Goods and Services Tax implemented on July 1 2017 is regarded as a major taxification reform till date implemented in India since Independence in 1947. GST was planned to be implemented in April 2010. But was postponed due to political issues and conflicting interest of stakeholders. The primary objective of GST is to subsume all sorts of indirect taxes in India like Central Excise, Tax , VAT/Sales Tax etc and implement one taxation system in India. The GST based taxation system brings more transparency in taxation system and increases GDP from 1 % to 2 % and reduces tax theft and corruption in country. The paper Higlighted the background of the taxation system, the GST concept along with significant working, comparision of the India GST taxation system rates with other world economies and also presented in depth coverage regarding advantages to various sectors of Indian Economy after levising GST and outlined some challenege of GST Implementation.