What is the Full Form of GST?

The full form of GST is Goods and Service Tax. The GST is a single indirect tax levied by the Indian government. It might be one of the biggest tax cuts ever implemented in the country. All indirect taxes, including VAT, Central Excise Tax, Luxury Tax, Service Tax Act, Entertainment Tax, and Entry Tax, are intended to be combined by the legislation.

To put it simply, all commodities and services produced in the nation in relation to imported items would be subject to a regular indirect tax, or GST. The GST Act was approved by Parliament on 29 March 2017. The tax went into force on 1 July 2017. The GST was adopted to speed up the country’s economic growth and streamline tax administration.

Types of GST

Here are some types of GST:

Central Goods and Services Tax (CGST)

A tax on the distribution of goods and services within a state is known as the Central Goods and Services Tax (CGST). Among these taxes are the Central Excise Duty, Services Tax, Additional Excise Duty, CVD (Countervailing Duty), and the Excise Duty on the Preparation of Medical and Toiletries Act.

Integrated Goods and Services Tax (IGST)

The taxes paid for the worldwide delivery of services and goods are subject to Integrated Goods and Services Tax (IGST). For instance, if the goods are traded between Karnataka and West Bengal as well as two other states, the IGST will be applicable. In addition, IGST is levied on both imports and exports of goods and services from India.

State Goods and Services Tax (SGST)

The tax imposed on products and services delivered inside a state’s borders is known as the State Goods and Services Tax (SGST). The act unifies the different state taxes, including the luxury tax, state income tax, entrance tax, entertainment tax, and others.

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Commodities not subject to GST

The list of goods that are exempt from GST is shown below.

• Fillets & Fish
• Meat
• Trees & live plants
• Alcohol
• Vegetables
• Edible grains
• Musical and industrial instruments
• Claws & hooves.
• Live animals
• Meat
• Fertilizers
• Coffee & Teas
• Spices
• Dry fruits
• Pharmaceutical & Drugs

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