Gst meaning: The Goods and Services

The Goods and Services Tax (GST) is a comprehensive, multi-stage, destination-based indirect tax levied on the supply of goods and services in India. Introduced on 1st July 2017, GST subsumes various indirect taxes such as VAT, service tax, excise duty, and others into a single, unified tax system. GST, or Goods and Services Tax , is an indirect tax imposed on the supply of goods and services. It came into effect on 1st July 2017, replacing multiple indirect taxes, like VAT, excise duty, and service tax. GST is levied at each stage of the supply chain and is designed to allow seamless input tax credit at every level. Discover the definition of GST , its three key components (CGST, SGST, and IGST), and its objectives. Understand the advantages of GST , improving tax compliance, and enhancing the competitiveness of Indian businesses. Input Tax Credit Under GST Input Tax is the GST charged on the goods or services supplied to a taxable person. Input Tax Credit means reducing or adjusting the taxes paid by an individual or firm on the inputs from the taxes to be paid by them on the output, i.e., the final product. In other words, it means to claim the credit of the GST paid by an individual or a firm on the purchase of goods or services used as a raw material for manufacturing the finished goods or services. The suppliers ...