What is GST? A Simple Guide for Beginners

Priyanka Sharma13 Dec, 2024Finance

Goods and Services Tax, commonly known as GST, is a comprehensive indirect tax levied on the manufacture, sale, and consumption of goods and services in many countries worldwide. Introduced to simplify and unify the tax system, GST aims to eliminate the cascading effect of taxes and create a seamless, transparent way of taxing consumers. This article provides a straightforward explanation of GST, its benefits, and its impact on the economy.