India is presently at the doorstep of a revolutionary change in its indirect tax system with the introduction of the Goods and Services Tax (‘GST’). This paper argues that due to the cascading effects of the present CENVAT and State VAT systems and the complexities of the current service tax regime, it is imperative for India to make the GST regime operative. This paper examines the GST in detail, analysing the proposed rates, taxes to be subsumed, proposed administrative setup and the amendments that are needed to make this scheme operative. The paper also analyses the impact of GST through a comparative study with other jurisdictions where such a tax has been made operative. The opinions of various states and various sectors in India regarding the proposed GST scheme have been discussed in tandem with possible methods of reconciliation.