GST stands for Goods and Services Tax, an indirect tax that applies to the production, sale, and consumption of goods and services in India. Learn about the history, objectives, and structure of GST , and the taxes it has replaced or subsumed. What is the GST Full - Form and Meaning? Meaning: The GST framework in India demonstrates a radical change in the indirect tax structure by replacing multiple fragmented taxes with a single comprehensive destination-based tax. GST, or Goods and Services Tax , is an indirect tax imposed on the supply of goods and services. It came into effect on 1st July 2017, replacing multiple indirect taxes, like VAT, excise duty, and service tax. GST is levied at each stage of the supply chain and is designed to allow seamless input tax credit at every level. Learn about the full form of GST , its definition, types, benefits and how GST registration and filing work in India. Simplify your GST compliance with IndiaFilings!
