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GST | Goods and Services Tax (Complete Details)


What is GST ? GST is the acronym of Goods and Services Tax. It is a consumption tax i.e. the tax levied only on consumption spending on goods and services. There are mainly two types of taxes, one is Direct tax that are directly paid to the Government by the taxpayers. It includes Income Tax, Corporate Tax, Securities Transaction Tax, Perquisite Tax etc. Another type of taxes is Indirect Tax that includes Service Tax, Sales Tax, Custom duty, Octroi, Excise Duty, Value Added Tax etc. In the new taxation system, all the indirect taxes are combined into a single tax which is known as Goods and Services Tax. The journey of GST was started in 2002. At last it has came into effect on the midnight of July 1, 2017 by the president, Pranab Mukherjee and the Government of India (GOI). For it's simplicity it can also be named as Good and Simple