GST
Overview of Goods and Services Tax (GST) in India The Goods and Services Tax (GST) is a comprehensive indirect tax regime introduced in India on July 1, 2017, aimed at replacing multiple cascading taxes levied by the central and state governments. Envisioned as "One Nation, One Tax," GST has revolutionized India's taxation system by creating a unified market and enhancing tax compliance. 1. What is GST? GST is a destination-based tax levied on the supply of goods and services. It operates on a value-added basis, meaning tax is levied only on the value addition at each stage of the supply chain. The final consumer bears the tax, while businesses act as intermediaries to collect and remit it to the government. GST subsumed a variety of indirect taxes, including: Central taxes like Central Excise Duty, Service Tax, and Customs Duty (on imports). State taxes like Value Added Tax (VAT), Central Sales Tax (CST), Octroi, and Entertainment Tax. 2. Structure of GST G...