GST stands for Goods and Services Tax.
It is a comprehensive, multi-stage, destination-based indirect tax levied on the supply of goods and services.
In the Indian context:
Introduced on 1 July 2017
Replaced multiple indirect taxes like VAT, Service Tax, Excise Duty, CST, etc.
Governed primarily by:
CGST – Central Goods and Services Tax
SGST – State Goods and Services Tax
IGST – Integrated Goods and Services Tax (for inter-State supplies)
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