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Originally Answered: What is the full form of GST?
The full from of GST is Goods and Service Tax with the tagline One Nation, One Tax, One Market. It was fondly referred as Good and Simple Tax by our beloved Prime Minister Narendra Modi jii during the launch of GST. It is an indirect and single tax on the supply of goods and services, right from the manufacturer to the consumer. It improves the revenue efficiency of central/ state governments, easy to administer and incentivizes tax compliance by the traders. The below mentioned taxes are subsumed and formed into single GST from 1st July 2017.
· Central Excise Duty,
· Additional Excise Duty,
· Service Tax,
· Customs Duty
· State Value Added Tax/Sales Tax,
· Entertainment Tax,
· Purchase Tax,
· Luxury tax, and
· Taxes on lottery.
Almost 1200+ commodities and services were brought under broad GST rate slabs of 0%, 5%, 12%, 18% and 28%. Petrol, Diesel and Alcohol are yet to be brought under GST.
Hope this gives you basic information on GST.
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