Here’s a simple explanation about GST (Goods and Services Tax)
✅ What is GST ? – GST is a single, indirect tax that replaced multiple taxes like VAT, service tax, and excise duty in India. It is levied on the supply of goods and services and is applicable nationwide.
Types of GST:
1. CGST – Central GST (collected by the central government)
2. SGST – State GST (collected by the state government)
3. IGST – Integrated GST (for interstate transactions)
💡 Key Features:
One Nation, One Tax – Input Tax Credit (ITC): You can claim credit for tax paid on purchases
Collected at every stage of value addition
🏷️ GST Rates in India: 0% Essentials like milk, fresh vegetables – 5% / 12% / 18% / 28% – Varies by product or service type
GST Filing: Businesses must file monthly/quarterly GST returns – Filing is done online via the GST portal