Introduction to GST
GST stands for Goods and Services Tax, which is a value-added tax levied on the supply of goods and services in India. It is a comprehensive, multi-stage, and destination-based tax that is levied on every value addition in the supply chain.
When was GST introduced?
GST was introduced in India on July 1, 2017, as a replacement for multiple indirect taxes such as excise duty, service tax, and value-added tax (VAT). It is a single tax that subsumes various taxes and levies, thus simplifying the taxation system in India.
What is the Structure of GST System?
The GST system in India has a dual structure, which means that both the central and state governments levy GST on goods and services. The central GST (CGST) is levied by the central government, while the state GST (SGST) is levied by the state governments
What is IGST ?
In addition to CGST and SGST, there is also an integrated GST (IGST), which is levied on the supply of goods and services across different states in India. IGST is collected by the central government and is then distributed among the respective states.
What was the main objective behind GST Launch?
GST has been implemented with the objective of creating a unified national market and reducing the tax burden on businesses and consumers. It has also helped to streamline the tax administration system and reduce tax evasion.
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