Goods and Services Tax

Goods and Services Tax (GST) is a comprehensive indirect tax system introduced in India on July 1, 2017. It replaced a complex web of multiple central and state taxes, unifying them under a single umbrella. GST aims to simplify the taxation structure by levying a single tax on the supply of goods and services throughout the country. The system is categorized into different tax slabs based on the nature of products or services, promoting transparency and reducing tax evasion. GST has had a transformative impact on India’s economy, fostering smoother inter-state trade, enhancing ease of doing business, and contributing to the nation’s economic growth.

Back to top button