GST Full Form: Understanding Goods and Services Tax

Priyanka Sharma12 Dec, 2024Finance

The full form of GST. It is a comprehensive, multi-stage levied on the supply of goods and services in India. GST replaced multiple indirect taxes like VAT, service, and excise duty to create a unified tax system. Introduced in 2017, GST aims to simplify compliance, reduce tax cascading, and promote a single market across the country. It is categorized into three types: CGST (Central GST), SGST (State GST), and IGST (Integrated GST), depending on the nature of the transaction (intra-state or inter-state).