The Goods and Services Tax (GST) is one of the most important indirect tax reforms implemented in India from 1st July 2017, which is set to bring a new dawn in the economy of the country by introducing a unified national market and simplifying the complex taxation system of the country. The goal of GST was to introduce a single tax regime instead of multiple indirect taxes, which would help in tax compliance, increase transparency, minimize cascading effect of taxes and boost economic growth. However, even with these goals, the rollout of GST has faced some practical difficulties, such as multiple changes in tax rates, burden on micro, small, and medium enterprises (MSMEs), technical glitches with the GST Network (GSTN) portal, slow payment of input tax credit refunds, and the complexity of filing returns. This research paper reviews the issues, opportunities and challenges of the new GST regime in India. The research is based on a mixedmethod approach using both secondary and  primary data, Primary data were collected  by survey of 150 tax payers including business owners and tax professionals through a structured questionnaire and using convenience sampling. The report examines the implications of GST on businesses, consumers and on the economy as a whole, and underlines the role of GST in enhancing tax administration and digital governance. The results show that while GST has improved tax transparency to a great extent, increased tax base and helped in formalization of the economy, compliance problems, technical hurdles and policy uncertainty remain to have a negative impact on its effectiveness.