Full form of GST
GST means Goods and Service Tax
It is a tax which has been newly introduced in India
It has replaced Indirect taxes like VAT,CST,Excise ,Service Tax etc
However, taxes like Income Tax, Payroll, PF, ESI, will continue.
Why is GST being Introduced
In each state of India,taxes and rules were different
GST will lead to same rates of tax on different state
When has GST been Introduced?
It has been introduced on 1 July 2017
Different Types of GST
GST was Introduced so that We have common tax for all type of Sales
But Unfortunately One GST is not coming
There are 3 Different GST'S
- CGST (Central GST)
- SGST (State GST)
- IGST (Integrated GST)
