GST (Goods and Services Tax)

GST (Goods and Services Tax) is a comprehensive, multi-stage indirect tax applied on the supply of goods and services across a country. It is collected at each stage of production and distribution, with businesses claiming credits for taxes paid earlier, ultimately reducing the tax burden on consumers. GST aims to unify the tax structure, eliminate cascading taxes, and promote transparency by creating a single, standardized system. This simplifies compliance for businesses and helps governments in efficient revenue collection, fostering economic growth and a clearer understanding of tax duties.