GST (abbreviation)

GST stands for Goods and Services Tax, a consumption tax levied on the sale of goods and services. It is designed to be a unified tax system that replaces multiple indirect taxes, making the tax process simpler and more transparent for businesses and consumers. Under GST, suppliers collect tax from customers and remit it to the government, while input credits allow businesses to offset taxes paid on inputs. This system aims to create a single, seamless market, reduce tax evasion, and increase revenue for the government, ultimately promoting economic efficiency and growth.