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In this paper, we present the first results obtained using $\sim$ 50 ks observations of the bright low-mass X-ray binary (LMXB) GX 17+2 with Large Area X-ray Proportional Counter (LAXPC) onboard {\it AstroSat}. The source traced out a complete Z-track in the hardness intensity diagram (HID). The spectra at different sections of the Z-diagram are well described by either a combination of a thermal Comptonization component, a power-law and a relativistic iron line or a model consisting of a thermal disk component, a single temperature blackbody, a power-law and a relativistic iron line. Fitting the spectra with both phenomenological models suggests that the power-law component is strong in the horizontal branch (HB), becomes weaker as the source moves down the normal branch (NB) and then again becomes stronger as the sources moves up the flaring branch (FB). However, we find that the strength of the power-law component is model dependent, although the trend in the variation of the power-law strength along the Z-track is similar. A simple model composed by a Comptonized emission and power-law component, convolved with the ionized reflection, also describes the spectra very well. A normal branch oscillation (NBO) with a centroid frequency 7.42$\pm$0.23 Hz, quality factor (Q) $\sim$ 4.88, rms 1.41$\pm$0.29\% and significance 5.1$σ$ is detected at the middle of the NB. The parameters of the Comptonized emission show a systematic evolution along the Z-diagram. The optical depth of the corona increases as the source moves up along the FB, suggesting possible trigger of an outflow or dumping of the disc material in to the corona by radiation pressure.