In India, the implementation of the Goods and Services Tax has an effect on a wide range of businesses. Goods and Services Tax reform eliminated Indias major indirect taxes such as Excise, Service Tax, and VAT, among others. It has also led to a change in the system of finalisation of accounts. Accounting treatment of GST is simpler than that for the older regime, due to the lesser number of taxes to account for. However, institutions need to be wary of GST record-keeping and GST Accounting measures to maintain compliance. GST implementation will have profound and far-reaching effects on a companys operations, necessitating a complete overhaul of the companys business, finance, financial reporting, and accounting systems. As management teams continue to assess these changes, they will need to consider changes in financial reporting as well as indirect tax accounting. The purpose of this research is to discuss the various types of business transactions involving Goods and Services Tax and their accounting treatment in the books of accounts and their compliances. This article also examines some of the most significant GST accounting and compliance changes.