What is the GST Explain

GST (Goods & Service tax) is simply an Indirect Tax that is levied on Goods and Services which was replaced by VAT on 01 July 2017.

GST is a Destination based tax whereas VAT was Origin based tax.

Previously the customers and business man used to pay VAT, CST, ET in the form of indirect tax to the Government again their business operations.

But Now GST has came into effect with an aim of ONE NATION ONE TAX. Every goods and services will be taxed only with single tax that is GST but GST has been bifurcated into three other taxes by which the tax revenues goes to the respective Governments.

As we all know that there are two types of Governments that operate separately with their own collected revenues.

There fore GST is classified into 3 types:

CGST (Central Goods & Service Tax) this tax revenue goes to central Government.

SGST (State Goods & Service Tax) this tax revenue goes to state Government

IGST (Integrated Goods & Service Tax) this tax revenue goes to Central Government.

CGST & SGST is levied or applied to business transactions taken place within the state.

IGST is levied or applied to business transactions taken place outside the state.

The concept of GST was first adopted by FRANCE on 1954, and INDIA was about to adopt it previously on 2010 but due to some reasons it got delayed and finally implemented on 2017

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