Description
Goods and Services Tax (GST) is a comprehensive indirect tax system implemented in many countries, including India, to streamline the taxation process. It replaces multiple existing taxes with a single tax on the supply of goods and services. GST aims to simplify tax compliance, enhance transparency, and promote economic growth by creating a unified market. It operates on a multi-tier structure, involving central and state governments, with varying rates depending on the nature of goods and services.