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The Global Positioning System (GPS) is not only a navigation system, it is also a time-transfer system. As a time-transfer system it provides stability very close to one part in ten to the fourteenth over one day (1 ns/day). After a brief introduction to timekeeping terms, this paper reviews the role of GPS in time distribution and clock synchronization. The GPS coarse acquisition (C/A)-code single-frequency single-channel (one satellite) common-view (CV) time transfer is then discussed. Special consideration is given to progress in GPS C/A-code CV time and frequency transfer through the use of "all-in-view" multichannel receivers. This technique increases the number of daily observations by a factor of ten relative to conventional single-channel receivers and results in an improvement in time and frequency transfer stability by a factor of about three. Other important improvements discussed are the use of GPS carrier phase measurements and temperature-stabilized antennas. The latter reduce the daily and seasonal delay variations of GPS time-receiving equipment. The use of GLONASS as a complementary tool to GPS time transfer is also be reported. These improvements indicate that GPS, as a time-transfer system, should provide the capability to reach a stability of one part in ten to the sixteenth over one day (10 ps/day).