GST stands for Goods and Services Tax, is a comprehensive indirect tax levied on the supply of goods and services in India.
Indirect tax
Indirect tax is indirectly imposed on individual's income but on goods and services. Indirect tax is borne by the end customer, treating rich and poor equally. GST replaced multiple taxes to simplify the system, applicable to both goods and services.
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History of GST
In India, the journey towards GST began in 2014 when the Finance Minister, Mr. Arun Jaitley, introduced the Constitution Amendment Bill.
The bill passed in May 2015, leading to the introduction of the dual tax structure system in 2017.
The Integrated GST Bill, Union Territory GST Bill, Central GST Bill, and GST (Compensation to States) Bill were passed by the Indian Parliament by April 20, 2017.
On July 1, 2017, GST was officially applicable in India.
GST Full Form in Different Language
| Language | Full Form in Different Language |
| GST Full Form in Arabic | ضريبة السلع والخدمات |
| GST Full Form in Bengali | পণ্য ও পরিষেবা কর |
| GST Full Form in English | Goods and Services Tax |
| GST Full Form in Gujarathi | સામાન અને સેવાઓ કર |
| GST Full Form in Hindi | वस्तु एवं सेवा कर |
| GST Full Form in Kannada | ಸರಕು ಮತ್ತು ಸೇ ವಾ ತೆರಿಗೆ |
| GST Full Form in Malayalam | വസ്തുക്കളും സേവന നികുതിയും |
| GST Full Form in Marathi | वस्तू आणि सेवा कर |
| GST Full Form in Nepali | सामान र सेवा कर |
| GST Full Form in Punjabi | ਗੁਡਸ ਐਂਡ ਸਰਵਿਸਿਜ਼ ਟੈਕਸ |
| GST Full Form in Sindhi | سامان ۽ خدمتون ٽيڪس |
| GST Full Form in Tamil | பொருட்கள் மற்றும் சேவைகள் வரி |
| GST Full Form in Telugu | వస్తువులు మరియు సేవల పన్ను |
| GST Full Form in Urdu | سامان اور خدمات ٹیکس |
Why was GST Introduced in India?
GST was introduced to replace multiple indirect taxes that were previously applicable, streamlining the taxation system and promoting a unified market. The tax is levied at each stage of the production and distribution chain, with the benefit of input tax credit passed on to the final consumer. GST aims to eliminate tax cascading, reduce complexities, and create a more transparent and efficient taxation system.
Types of GST
GST rates in India
| Rate | Breakup Percentage | Example |
| 0% GST | Nil | Milk, Egg, Salt. |
| 3% GST | 1.5% SGST, 1.5% CGST | Coins, Gold, Silver, Platinum |
| 5% GST | 2.5% SGST, 2.5% CGST | Sugar, Tea, Spices. |
| 12% GST | 6% SGST, 6% CGST | Butter, Almonds, Fruit Juice. |
| 18% GST | 9% SGST, 9% CGST | Soap, Hair oil. Toothpaste. |
| 28% GST | 14% SGST, 14% CGST | cigarettes, AC and Fridge, Luxury items |
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