What is GST?

GST (Goods and Services Tax) is a taxation system that was introduced in India on July 1, 2017. It is an indirect tax levied on the supply of goods and services in the country, designed to replace the myriad of indirect taxes and levies that were previously in place. GST operates on a dual system, with both central and state governments collecting taxes on the same transaction simultaneously. The tax is collected from each stage of the production and distribution chain and is based on the value added at each stage. GST is aimed at simplifying the tax system and making it more transparent, benefiting both the government and the taxpayers.

This mind map was published on 21 May 2023 and has been viewed 72 times.