GST Full Form

Goods and Services Tax (GST) is an indirect tax put on the supply of goods and services in India. GST is one of the biggest tax reforms in India since independence. The Goods and Services Tax Act was passed by the Lok Sabha on 29th March 2017 and came into force from 1st July 2017. Goods and Services Tax is a comprehensive tax that covers all types of supplies of goods and services. In this blog post, we will discuss all aspects of Goods and Services Tax such as what is GST, how it works, benefits of GST, GST full form, etc.

What is the Full Form of GST?

GST is known as Goods and Services Tax. It is an indirect tax demanded on the supply of goods and services. The GST is levied on the value-added to the goods or services at each stage of the supply chain. The GST is collected by the Central Government and is shared with the State Governments.

What are the Goods and Services Tax Rates?

The Goods and Services Tax Council has fixed the GST rates at four slabs of five, 12, 18, and 28 per cent. The lower the tax rate, the higher will be the number of items that come under it. The GST rates are likely to be revised after the Goods and Services Tax is rolled out on July 01, 2017.

The Council has also decided on a cess over and above the peak rate of 28 per cent to compensate states for any revenue loss. This cess will be levied on luxury and sin goods such as cigarettes, aerated drinks, and automobiles.

What is the Goods and Services Tax Bill?

The Goods and Services Tax Bill was introduced in the Lok Sabha on March 29, 2017, by Finance Minister Arun Jaitley. The Bill was passed by the Lok Sabha on April 06, 2017, and by the Rajya Sabha on April 08, 2017. The Goods and Services Tax came into effect from July 01, 2017.

The Goods and Services Tax is a consumption tax levied on the sale of goods and services. The Goods and Services Tax is levied on all supplies of goods and services made in India, except for the exempted goods and services. The Goods and Services Tax is a destination-based tax, which means that the tax is levied on goods and services consumed in the state where they are sold.

The Goods and Services Tax is levied on all value addition at each stage of the supply chain. The Goods and Services Tax is levied at each stage of the supply chain, from the manufacturer to the consumer. The Goods and Services Tax is a multi-stage tax, which means that it is levied on each stage of the supply chain.

The Goods and Services Tax is a comprehensive tax that replaces all indirect taxes levied on goods and services in India. The Goods and Services Tax is a single tax that is levied on the supply of goods and services. The Goods and Services Tax is a dual GST, which means that it is levied on both Goods and Services.

The Goods and Services Tax is an indirect tax that is levied on the sale of goods and services. The Goods and Services Tax is levied on all supplies of goods and services made in India, except for the exempted goods and services. The Goods and Services Tax is a destination-based tax, which means that the tax is levied on goods and services consumed in the state where they are sold.

The Goods and Services Tax is levied on all value addition at each stage of the supply chain. The Goods and Services Tax is levied at each stage of the supply chain, from the manufacturer to the consumer. The Goods and Services Tax is a multi-stage tax, which means that it is levied on each stage of the supply chain.

The Goods and Services Tax is a comprehensive tax that replaces all indirect taxes levied on goods and services in India.

Objectives of GST

There are many objectives of GST and some of them are mentioned below.

• To achieve the ideology of “one nation one tax”: GST is introduced with the aim to make India One Nation, One Tax. This will subsume all the indirect taxes levied by the Centre and States and make life easier for taxpayers as they need to deal with only one tax
• To reduce the cascading effect of tax on goods and services: There are a number of taxes at different stages in the supply chain. GST will help in removing the cascading effect of taxes.
• To create a common national market: Goods and Services Tax will promote growth and development by creating a single national market for goods and services.
• To make India competitive globally: Goods and Services Tax will make India more competitive globally as it will lower the overall tax burden.

Conclusion

GST was introduced to replace multiple indirect taxes levied by State and Central Governments in order to simplify the indirect tax system. It has replaced almost 17 of the existing state and central indirect taxes such as central excise duty, additional customs duty, VAT, entertainment tax, service tax etc. It is referred to as Goods and Services Tax because it is applicable on the supply of both Goods and Services. The government has released detailed information about GST, which can be found on its website.