Taylor, after flopping against hosts India in the Group A league opener that the West Indies lost tamely at the Brabourne Stadium on January 31, struck form to notch a personal high 171 off just 137 balls with 18 fours and six sixes.
This the first time, the women from the Caribbean islands have crossed the 300-run mark in ODIs.
The 21-year-old Taylor, driving in front of the wicket with power and panache, first put on 62 runs for the first wicket with fellow-opener Lycia Knight (30), and then got involved in a fine partnership of 110 runs in 124 balls for the third wicket with Kyshona Knight who was run out for 44.
Later, the innings was given a fresh impetus by the arrival of Deandra Dottin, who struck four sixes and five fours in a whirlwind knock of 50 off only 20 balls, three better than the previous fastest by Australia's Meg Lanning less than two months ago in Sydney.
The 21-year-old Barbadian, whose previous high in 55 ODIs was 147 against the Netherlands in October 2010, also featured in a quick-fire partnership of 90 off 39 balls with Taylor.
Dottin completed her 50 off just 20 balls with four fours and five sixes and then got out two balls later, bowled by left-arm spinner Sherina Ravikumar.
The West Indies added as many as 71 runs in the second powerplay period taken between the 36th and 40th overs and were handsomely placed at 274 for 4.
Later, captain Merissa Aguillera compiled a 24-ball unbeaten 47 and also added 55 runs in less than six overs in the slog overs for the seventh wicket to pile on the agony on Lanka who conceded 89 runs in the last 10 overs. MORE