The Good and Services Tax (GST) is the major and important indirect tax reform since 1947. The core idea of GST is to replace existing tax system like Excise Duty, Service Tax, Sales Tax and VAT. It will be imposed on manufacturing, selling and consumption of goods and services. GST is expected to address the cascading effect of the existing tax structure and result in uniting the country economically. The paper highlights the background, objectives of the proposed GST and the impact of GST in the present tax scenario in India. The paper further explores various benefits and opportunities of GST. Finally, the paper examines and draws out a conclusion.