We study the geometric and electronic structures of silicene monolayer using density functional theory based calculations. The electronic structures of silicene show that it is a semi-metal and the charge carriers in silicene behave like massless Dirac-Fermions since it possesses linear dispersion around Dirac point. Our results show that the band gap in silicene monolayer can be opened up at Fermi level due to an external electric field by breaking the inversion symmetry. The presence of buckling in geometric structure of silicene plays an important role in breaking the inversion symmetry. We also show that the band gap varies linearly with the strength of external electric field. Further, the value of band gap can be tuned over a wide range.