What is the Full Form of GST? Explained

What is the full form of GST?

The full form of GST is Good Service Tax.

IN WORDS, of prime Minister Narendra Modi, the Goods and services Tax (Gst), was announced in midnight of 1 July,2017 in a ceremony held in the Central Hall of parliament.

What Is The Good Service Tax?

GST ( Good Service Tax ) is a tax on goods and services sold domestically for consumption.

The tax included in final price and paid by consumer at point of sake and passes to the Goverment by the seller.

<-3>Benefits of the GST:

1. GST has helped to get rid of all the indirect taxes .for example VAT,CST,CAD,EXCISE,SERVICE TAX,AND SAD

2. More simplified tax policy and tax compliance when compared to the recent tax system.

3. Boosting the Indian state.

4. More control over the black money circulation .This has been possible simply because of the mandatory check policy between traders and shopkeepers.

5. GST helped increasing goods consumption and demand.

6. The citizen can pay now less money.

7. The manufacturer cost is also less now. GST ABBERVATION has helped to.lower the burden of taxes on the production sector. This also has helped to reduce the price of the goods as stated above.

8. there is no tax anymore,meaning reduced burden .

Types of GST:

1. Central goods and service tax (CGST)
2. Integrated goods and service tax ( IGST)
3. State goose and services tax ( SGST)

Commodities not under the GST:

1. Fillets And Fish
2. Live Animals
3. Meat
4. Trees And Live Plants
5. Alchol
6. Fertilizer
7. Coffee And Teas
8. Spices
9. Dry Fruits
10. Vegetables
11. Edible Grains
12. Musical And Industrial Instruments
13. Pharmaceutical And Drugs
14. Claws And Hooves.

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