GST which stands for Goods and Services tax

Definition and meaning

Goods and services tax is an indirect tax which is levied by government on taxable value of goods, services or both were supplied by persons. It is a value added tax which is charged in every stage of supply.

Goods and services tax came into force in India on 1^st July 2017, which is marked as one of the historical dates in India’s tax history.

Goods and services tax which helped remove various taxes under one.

Excise duty, Service tax, VAT, CST, Entry tax, etc. = GST

Goods and Services tax is a destination-based tax which is levied on every stage from the manufacturing level to the final consumer of that goods or services, only on the value addition.

Salient features of GST or GOODS AND SERVICES Tax.

Levy on Good and Services	Goods and services tax is only levied on taxable goods and services on each stage of transaction a tax on, Except supply of alcohol and liquor for human consumption
Indirect Tax	GST is an indirect tax which means tax liability on consumer in indirect they pay tax indirectly to the government.
Dual GST in India	India is a federal country there fore a Dual GST system has been adopted. 1. On Intra state supply- The GST to be levied on intra state supply of goods or services would be called CGST or SGST. E.g., A transaction took place inside the state. 2. On Inter state supply- The GST to be levied on interstate supply of goods and services would be called IGST. E.g., A supply took place between M.P. and C.G.
Uniform GST law in India.	SGST tax of each state is just a copy of CGST act passed by central government, except changing reference from central tax to state tax. Forms and procedures are all same all over India and rates are also expected to be uniform. There would be no difficulty for a businessman to set his/her business in many states.
Consumption based TAX	GST is a consumption-based tax which means the state which is finally consuming the goods and services.
Registration	A supplier of Goods and services or both should be registered under GST law – 1. Supplier of goods or/and services within the state. 2. Registration is not required for farmers and supplier of wholly exempted goods.
Multi point TAX	GST is applied on every state of transaction.

GST is not only implied in India it is on effect in many parts of the words.

When the GST was not implemented in India and was in the process there were various challenges IN front of the makers. But with continuous efforts GST was implemented successfully in India.

Though the revenue collected from GST in the fiscal year 2019-2020 was about Rupee 10 lakh crore which is less than expected.

A administration is been set up to govern the Goods and services Act properly in India.

Sone of the link just for reference :

GSD WIKI: https://en.wikipedia.org/wiki/Goods_and_services

Difference Between Goods and Services: https://keydifferences.com/difference-between-goods-and-services.html#:~:text=%20The%20basic%20differences%20between%20goods%20and%20services,a%20different%20approach%20of%20carrying%20out…%20More%20

Hope this post helps you..!