GST Structure and Rates

The Structure and Rates of GST are given below:

GST rates are the percentage at which GST is applied to the sale of goods and services.
In India, GST is divided into five different tax rates: 0%, 5%, 12%, 18%, and 28%. These rates apply to different types of goods and services. For example, essential goods such as food and medicine are taxed at 0%, while luxury items and tobacco products are taxed at 28%.
GST is divided into two types: Central GST (CGST) and State GST (SGST). CGST is collected by the Central Government and SGST is collected by the State Government. GST is also levied on the import of goods and services into the country, known as Integrated GST (IGST).
The GST council is responsible for making the GST laws in India and the GST council consists of the union finance minister and the state finance ministers.

GST Full Form

GST Full Form: GST stands for Goods and Services Tax, It is a comprehensive, indirect tax system that was implemented in India on July 1, 2017. It replaced several indirect taxes at the state and central levels, such as Value Added Tax (VAT), Service Tax, Central Sales Tax (CST), and Excise Duty. The GST system aims to simplify the tax system and reduce the cascading effect of taxes, where the tax on inputs is not credited to the tax on output, by creating a single, unified market for goods and services in India.

In this article of GST Full Form, we will learn about GST Meaning, its structure, registration, and impact of GST on Indian Economy.

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