What is GST? What is The Importance of it?

The Goods and Services Tax or GST is a system of indirect tax which is generally imposed on the services offered and on goods supply.

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This system is multi-stage with a destination-oriented tax system that is imposed at every level.

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It is used for replacing various taxes that were imposed indirectly such as excise duty, VAT, services taxes, and others.

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Services and goods are included under a single domestic taxation law for the whole country.

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This scheme was introduced under one country one tax scheme.

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Through this regime, the GST is charged for each stage of the sale.

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