Discover the definition of GST , its three key components (CGST, SGST, and IGST), and its objectives. Understand the advantages of GST , improving tax compliance, and enhancing the competitiveness of Indian businesses. The Goods and Services Tax (GST ) is a value-added tax levied on most goods and services sold for domestic consumption. GST is known as the Goods and Services Tax . It is an indirect tax which has replaced many indirect taxes in India such as the excise duty, VAT, services tax, etc. The Goods and Service Tax Act was passed in the Parliament on 29th March 2017 and came into effect on 1st July 2017. GST, or Goods and Services Tax , is an indirect tax imposed on the supply of goods and services. It came into effect on 1st July 2017, replacing multiple indirect taxes, like VAT, excise duty, and service tax. GST is levied at each stage of the supply chain and is designed to allow seamless input tax credit at every level.
