What is GST?

What is GST?

Goods and Services Tax (GST) is a comprehensive, multi-stage, destination-based tax applied on every value addition. It replaced multiple indirect taxes like VAT, service tax, and excise duty in many countries.

Goods and Services Tax (GST) is a comprehensive, multi-stage, destination-based tax applied on every value addition. It replaced multiple indirect taxes like VAT, service tax, and excise duty in many countries.

Key Features of GST

Key Features of GST

Uniform Tax Structure

: Simplifies tax compliance.

Input Tax Credit

: Eliminates the cascading effect of taxes.

One Nation, One Tax

: Ensures uniformity in taxation across the country.

Types of GST

• Benefits of GST

Types of GST

CGST

: Central GST.

SGST

: State GST.

IGST

: Integrated GST for interstate transactions.

Benefits of GST

Simplifies the tax system.

Promotes ease of doing business.

Reduces tax evasion.