GST is slated to be implemented in India from 1st Apr. 2017 therefore it becomes imperative to generate GST literature related to understand it in a better way and implementing it smoothly. This is a conceptual study on GST that elaborates the previous tax structure in India and problems associated with it, basics of the GST and how it will solve the present problems. This study also discusses the GST structure, benefits and the key issues related to it. This study brings out that how GST would bring down the cascading effects of present tax structure and reduce overall tax burden on business and consumers. GST would be overall beneficial to industry, trade, agriculture, exports. The key issues for businesses would be to assess the nuances of GST and its impact on particular business to chart out effective strategies for smooth transition to GST.