GST Full Form

GST Full Form :  Goods and Services Tax

What is GST :- 

           GST is an Indirect Tax. GST is replaced many Indirect Taxes in India. The Goods and Service Tax Act was passed in the Parliament on 29/03/2017. The Act came into effect on 01/07/2017. Goods & Services Tax Law in India is a comprehensive, multistages, destination based tax that is levied on every value addition.

The Journey of GST in India:-

           The journey of GST began in the year 2000 when a committee was set up to draft law. It took seventeen years from then for the Law to evolve. GST Bill was passed in the Lok Sabha and Rajya Sabha in 2017. On 01/07/2017 the GST Law came into force.

Types of GST in India :-

            3 types of GST present in India :-

1. CGST:-Collected by the Central Government on the intra state sale.
2. SGST:-Collected by the State Government on the intra state sale
3. IGST:-Collected by the Central Government for inter state sale.

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