Goods and Services Tax
FeaturedGST
Beginner Level
India
Taxation
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Definition
India's comprehensive indirect tax on supply of goods and services, replacing multiple cascading taxes.
Detailed Explanation
Implemented on July 1, 2017, GST has four slabs: 5%, 12%, 18%, and 28%. It includes CGST (Central), SGST (State), and IGST (Integrated for interstate). GST Council sets rates.
Example
A ₹1,000 restaurant bill includes 5% GST (₹50), making the total ₹1,050.
Local Context (India)
GST unified India into a single market, eliminating state border checkpoints and improving logistics efficiency.