According to an organiser, the initiative is aimed at raising awareness about the rights of the LGBT community.
In the parade that will be taken out from the Old Secretariat to Miramar beach, members of the LGBT community and general public are expected to take part.
"It is happening for the first time in Goa. We want to create awareness about the rights of the LGBT community. There are several wrong notions about the community, which need to be addressed through this event," Alexander Fernandes, one of the organisers of this event, said.
A film festival will also be held in the state capital, in which 4-5 movies on the struggles of the LGBT community, will be screened. A party will also been organised in one of the beach villages, he said.
According to Mr Fernandes, 80 per cent of the LGBT members are not ready to openly speak about their preferences fearing backlash from the society, friends or family.
The organiser claimed that attacks on transgenders in the state is common and it is sad that they have to face people's wrath.
The parade will pass without causing any hindrance to the traffic movement, the organisers said adding, the participants have been allowed to use masks, if they want to hide their identity.
However, they have forbidden the participants from wearing costumes that are linked to religious and political personalities.
Mr Fernandes said that after Goa, similar parades will be organised in Bengaluru and Delhi soon.