What is the full form of GST?

GST Structure and Rates

The full form of GST is Goods and Services Tax. Under the GST system, there are different tax rates for different goods and services, with some items like essential items taxed at a lower rate, and luxury items taxed at a higher rate. GST is collected at every stage of the supply chain, from the manufacturer to the consumer, but businesses can claim back GST paid on their inputs as a credit. The GST council, a body comprising representatives from the central and state governments, is responsible for making decisions on GST rates and rules. The GST council meets regularly to review and make changes to the GST laws and regulations.

Also Read, What is GST?

GST Meaning

GST is a comprehensive indirect tax levied on the supply of goods and services in India. GST has replaced many of the existing indirect taxes like service tax, central excise duty, value-added tax (VAT), and others.

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