GST also known as the Goods and Services Tax is defined as the giant indirect tax structure designed to support and enhance the economic growth of a country. More than 150 countries have implemented GST so far. India’s biggest tax reform since Independence Goods and Services Tax (GST) was launched at a special session in Parliament’s Central Hall at the stroke of midnight. The GST Council at its 14^th meeting finalized four tax rates of 5, 12, 18, and 28 % for services, including telecom, insurance, hotels and restaurants, under the new regime set to kick in from July 1. Goods and Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that will be levied on every value addition. This paper highlights that the GST is a very significant step in the field of Indirect tax reforms in India. GST will reduce the existing complexity of taxes as it subsumes VAT, excise duty, service tax and sales tax. GST is an indirect tax levied on the supply of goods and services. GST Law has replaced many indirect tax laws that previously existing in India. GST will be an indirect tax at all the stages of production to bring about uniformity in the system. The classification of goods under different tax slabs of GST are by and large fitted in the correct basket and it is expected that goods will be cheaper under GST. However, on the other side several items will pinch the common man.