Key Features:

One Nation, One Tax: Replacing multiple taxes imposed by the Central and State governments, GST is a uniform tax structure eliminating cascading taxes.
Dual Structure: Operating as Central GST under the Central Government and State GST (SGST) under the State Governments, the Inter-State Transactions Integrated GST (IGST) is collected by the Central Government and apportioned to respective states with additional customs duties.
Destination-based Tax: This tax is levied at each stage of the supply chain from manufacturer to the consumer, adding value at every stage and reducing the consumer burden.
Input Tax Credit (ITC) : By claiming credit on the tax paid for inputs used in the production and provision of goods and services, one can avoid double taxation and lower the overall tax liability. 
Composition Scheme: Taxpayers below the prescribed limit turnover in special category states can pay a fixed percentage of GST from their turnover simplifying their compliance requirement.
Online Compliance : The online portal Goods and Services Tax Network (GSTN), streamlines taxpayers to meet tax obligations.

Benefits:

Interest and Deposits: The interest income earned from the deposits of customers is exempted from GST.
Loans and Advances: The interest charged on the loans taken by customers from banks is exempted from GST.
Credit Card Services: The fees levied by the banks on the credits extended to customers are exempted from GST.
Payment and Settlement Services: Services such as, NEFT, RTGS and IMPS are exempted from GST.
Services by Banking Correspondents: In rural areas, services provided by banking correspondents are exempted from GST.