The Goods and Services Tax was implemented by the Government of India hoping that it would lead to the having of a single market, fostering entrepreneurship among its citizens and make way for the creation of jobs. However, against the expectations, GST has unfortunately turned again smaller and first-time enterprises due to its various rates and never-ending filing and reporting procedures. This apart it has posed a lot of issues and challenges for business firms of every size and requires also investment to be made in IT systems. This paper attempts to analyse such issues and challenges as faced by firms and throws some light on the future course of action required to solve the issues and challenges.