Summary – GST Full Form
GST, Full Form – Goods and Services Tax, is a comprehensive indirect tax system implemented in India since July 1, 2017, replacing various state and central-level taxes. It aims to simplify the tax structure by unifying the market for goods and services. GST has different tax rates ranging from 0% to 28%, and it operates under Central GST (CGST) and State GST (SGST). The GST council, consisting of representatives from the central and state governments, oversees decisions on rates and rules. The registration process involves obtaining a unique GSTIN, and compliance includes regular filing of GST returns and maintaining proper records. GST has positively impacted the Indian economy by increasing revenue, improving efficiency, reducing inflation, fostering competition, boosting GDP, and enhancing logistics. While SMEs have faced increased compliance costs, the government has introduced measures to support their adaptation to the GST system.
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.
Table of Content
- What is the full form of GST?
- GST Structure and Rates
- GST Registration and Compliance Process
- GST and its Impact on the Indian Economy
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