What is GST

GST stands for Goods and Services Tax, which is an indirect tax levied on the supply of goods and services in India. It is a comprehensive, multi-level, destination-based Tax that applies to every value. GST was implemented in India on July 1, 2017 in the Indian Constitution.

Under GST, all goods and services are classified into different Tax slabs, which currently include 0%, 5%, 12%, 18%, and 28%. Additionally, some goods and services, such as petroleum products and alcohol, are subject to a separate tax regime.

The main objective of GST is to simplify the system of paying taxes, increase compliance and reduce the tax burden on consumers. The implementation of GST has also led to the creation of a unified national market, reducing barriers to interstate trade and commerce. GST has saved several indirect Taxes like excise duty, Service Tax, and value-added tax from going to waste.