What is gst
This query is : Resolved
Guest
Guest
(Expert)
05 June 2017
see this video.
https://youtu.be/SALnvequJNw
03 August 2025
Hey! Here’s a simple and clear definition of GST for you:
What is GST?
GST stands for Goods and Services Tax.
It is a comprehensive, multi-stage, destination-based tax that is levied on every value addition in the supply of goods and services.
Key points about GST:
Comprehensive: It has replaced many indirect taxes like VAT, Excise Duty, Service Tax, etc., with a single unified tax.
Multi-stage: GST is applied at every stage of the supply chain, from manufacturer to consumer.
Destination-based: The tax revenue is collected by the state where the goods or services are consumed, not where they are produced.
Tax on value addition: At each stage, tax is charged only on the value added to the goods or services.
Simple definition:
GST is a single indirect tax on the supply of goods and services, right from the manufacturer to the consumer.
What is GST?
GST stands for Goods and Services Tax.
It is a comprehensive, multi-stage, destination-based tax that is levied on every value addition in the supply of goods and services.
Key points about GST:
Comprehensive: It has replaced many indirect taxes like VAT, Excise Duty, Service Tax, etc., with a single unified tax.
Multi-stage: GST is applied at every stage of the supply chain, from manufacturer to consumer.
Destination-based: The tax revenue is collected by the state where the goods or services are consumed, not where they are produced.
Tax on value addition: At each stage, tax is charged only on the value added to the goods or services.
Simple definition:
GST is a single indirect tax on the supply of goods and services, right from the manufacturer to the consumer.
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