GST

GST is known as the Goods and Services Tax. It is an indirect tax which has replaced many indirect taxes in India such as the excise duty, VAT, services tax, etc. ... In other words,Goods and Service Tax (GST) is levied on the supply of goods and services.

KEY TAKEAWAYS

• The goods and services tax (GST) is a tax on goods and services sold domestically for consumption.
• The tax is included in the final price and paid by consumers at point of sale and passed to the government by the seller.
• The GST is a common tax used by the majority of countries globally.
• The GST is usually taxed as a single rate across a nation.