GST

Goods and Services Tax (GST) is a comprehensive, multistage and destination-orientation Tax imposed on the supply of goods and services. By the introduction of GST, the government has subsumed multiple Indirect Taxes such as VAT, Excise duty, Services Taxes. GST is levied at every step of the production process and not from the point of origin like previous taxes.

GST, or Goods and Services Tax, is a value-added tax levied on the sale of goods and services in India. There are several types of GST in India, including:

Central Goods and Services Tax (CGST): This is the tax levied by the central government on intra-state transactions of goods and services.

State Goods and Services Tax (SGST): This is the tax levied by the state government on intra-state transactions of goods and services.

Integrated Goods and Services Tax (IGST): This is the tax levied by the central government on inter-state transactions of goods and services.

Union Territory Goods and Services Tax (UTGST): This is the tax levied by the union territory government on intra-state transactions of goods and services.

In addition to these types of GST, there are also different rates of GST based on the type of goods or services being taxed. These rates include 0%, 5%, 12%, 18%, and 28%. Some goods and services are exempt from GST or are taxed at a special rate.

It's worth noting that the GST system in India is quite complex, and there are many rules and regulations that businesses need to follow in order to comply with the law. It's always a good idea to consult with a tax professional or accountant if you have questions about how GST applies to your business.