Goods and Services Tax

Goods and Services Tax (GST) is a comprehensive consumption tax levied on the supply of goods and services. It is designed to unify multiple indirect taxes into a single system, making the tax process simpler and more transparent. Businesses collect GST from consumers at the point of sale and remit it to the government. Essentially, GST is paid at each stage of production and sale, but the final consumer bears the full cost. It aims to reduce the tax burden, prevent tax evasion, and promote a more efficient tax structure across the economy.