The gst is paid by. Learn what is meant by goods and services tax, gst definition, types of gst, gst rates and more gst news here at business standard. Gst unified the country's tax structure, simplifying the taxation of goods and services and eliminating the need for multiple taxes previously levied by both central and state governments
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What is goods and services tax (gst)
It is a destination based tax on consumption of goods and services
It is proposed to be levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous stages available as setoff. Gst is known as the goods and services tax It is an indirect tax which has replaced many indirect taxes in india such as the excise duty, vat, services tax, etc The goods and service tax act was passed in the parliament on 29th march 2017 and came into effect on 1st july 2017.
