Orthogonal frequency division multiplexing (OFDM) is conceivably the most reliable as well as most spectrally efficient transmission technique investigated so far for communication-oriented applications. By virtue of its orthogonal multi-carrier transmission scheme, it provides a sound robustness against the problem of multipath fading. Despite all these advantages, High peak-to-average power ratio (PAPR) is a major bottleneck that degrades the performance of OFDM. In this, research article an innovative precoding method has been proposed based on Discrete Cosine-based DOST (DCST) to lessen the High PAPR values in OFDM systems. DCST, which is a variant of Discrete Orthonormal Stockwell Transform (DOST), helps to reduce the PAPR values by virtue of orthonormal basis, multiple scales, and an absolutely referenced phase. The proposed scheme reduces the PAPR as well as improves the BER performance significantly without increasing the system complexity that much. The proposed system has been simulated on MATLAB and simulation clearly shows that the conventional FFT based OFDM is outperformed by on both the aspects i.e. PAPR reduction as well as BER performance enhancement.