Due to its low out-of-band emission and high spectral efficiency, the generalized frequency division multiplexing (GFDM) has been adopted as one of the most prominent waveform techniques for the 5G networks. To further combat the deep fading, the space time coding (STC) can be integrated with the GFDM system which provide high diversity gain that results into low symbol error rate at the receiver. In this article, a generalized model of space time coded GFDM system (STC-GFDM) has been proposed. More precisely, a comprehensive analytical framework to compute the average symbol error rate (ASER) is introduced, which can be used for any MIMO configuration, code rate, and arbitrary fading channel. The proposed framework has wider applicability over generalized fading channels and having more accurate exact solution along with easy to evaluate approximate solution. Thus, the proposed framework extends the horizon of performance analysis of STC-GFDM system over any fading scenario, that is not covered so far in the literature. In general, the closed from expressions of exact and approximate along with asymptotic ASER are derived for different fading channels using moment generating function (MGF) approach. Particularly, the ASER analysis has been performed analytically using derived expression over Rayleigh, TWDP, Nakagami-q, and Nakagami-m fading channels for 𝜇-ary quadrature amplitude modulation (𝜇-QAM). This analysis confirms that with the increase in transmit and receive antenna and decrease in modulation order, the ASER performance improves for all fading channels. Also, the improvement in ASER is observed as the power of specular components (ie, LOS paths) increases. Furthermore, these analytical results are validated using Monte-Carlo simulation.