What is GST?

 

The Goods and Services Tax (GST) is a value-added tax levied on most goods and services sold for consumption.

 The GST is paid by consumers, but it is remitted to the government by the businesses selling the goods and services.

The goods and services tax (GST) is an indirect federal sales tax that is applied to the cost of certain goods and services. The business adds the GST to the price of the product; a customer who buys the product pays the sales price plus GST; and the GST portion is collected by the business or seller and forwarded to the government.

Gst in India is introduced on 1st July 2017.

History about GST

France was the first country to implement the GST in 1954, and since then an estimated 160 countries have adopted this tax system in some form or another. Some of the countries with GST include Canada, Vietnam, Australia, Singapore, UK, Monaco, Spain, Italy, Nigeria, Brazil, and South Korea. India is set to join the GST group on July 1, 2017.