What's is GST , and type of gst

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Accepted Answer

GST stands for Goods and Services Tax, a value-added tax levied on most goods and services sold for domestic consumption.

GST is a consumption tax that is imposed on the supply of goods and services in India.
There are three types of GST in India: CGST (Central Goods and Services Tax), SGST (State Goods and Services Tax), and IGST (Integrated Goods and Services Tax).
CGST is collected by the Central Government, SGST is collected by the State Government, and IGST is collected by the Central Government for inter-state transactions.
GST has replaced multiple indirect taxes like VAT, service tax, excise duty, etc.
GST has helped in simplifying the tax structure, reducing tax evasion, and promoting ease of doing business.

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