Know about the Finance and Investments Terms

Introduction of GST accompanied several changes in India’s taxation regime. GST amassed several indirect taxes under one umbrella, eliminating the risks of double taxation and offering a similar taxation regime for the entire nation.

GST is an indirect tax imposed on the supply of goods and services. It was passed on 29th March 2017 and came into effect on 1st July 2017. GST was solely introduced on the motto of “One Nation, One Tax”. It replaced a number of indirect taxes which were previously levied by the Central and State governments.

A value-added tax levied at the national level, GST is also a comprehensive indirect tax levied on manufacturer, sale, and consumption of goods as well as services.