The Goods and Services Tax (GST) is an indirect tax introduced in India on 1 July 2017, replacing a range of pre-existing taxes like VAT, service tax, central excise duty, entertainment tax, and octroi. GST unified the country's tax structure, simplifying the taxation of goods and services and eliminating the need for multiple taxes previously levied by both central and state governments.
GST is a comprehensive, multistage, and destination-based tax. It is considered comprehensive because it has replaced most indirect taxes, with a few exceptions for state taxes. The tax is multi-staged as it is levied at every stage of the production process, but is refunded to all parties involved, except the final consumer. Its destination-based nature means that the tax is collected at the point of consumption, rather than at the point of origin, marking a significant departure from previous tax systems.
The tax came into effect from 1 July 2017 through the implementation of the One Hundred and First Amendment to the Constitution of India by the Government of India. 1 July is celebrated as GST Day.
GST was initially structured with...
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