GST stands for Goods and Services Tax. It is a term related to Governmental & Financial, Useful Terms and Definitions which we use in daily life but we do not know their full name, Here’s a list of important abbreviations that you should know.
|Goods and Services Tax
|Governmental & Financial
What is full form of GST?
The full form of GST is the Goods and Services Tax. The Goods and Services Tax (GST) is an indirect tax (or consumption tax) used on the supply of goods and services in India.
The tax came into effect from 1 July 2017 through the implementation of the One Hundred First Amendment to the Constitution of India by the Government of India.
Here you learn the full name and complete information of Goods and Services Tax, if you have questions and answers related to GST, then tell us your thoughts in the comment, know the complete meaning of GST in this article.
Related Full Forms List
There are 4 types of GST in India:
SGST (State Goods and Services Tax)
CGST (Central Goods and Services Tax)
IGST (Integrated Goods and Services Tax) UGST (Union Territory Goods and Services Tax)
Vajpayee set up a committee under the chairmanship of West Bengal Finance Minister Asim Dasgupta to prepare the GST model. The Asim Dasgupta committee was tasked with setting up the back-end technology and logistics (later known as the GST Network, or GSTN in 2015).
GST is known as Goods and Service Tax. It is an indirect tax that has replaced many indirect taxes in India like excise duty, VAT, service tax, etc. Under the GST regime, every point of sale is taxed. Central GST and State GST are charged in case of intra-state sales.
GST calculation can be explained by simple example: If any goods or services are sold for Rs. 1,000 and the applicable GST rate is 18%, then the net price calculated will be 1,000+ (1,000X(18/100)) = 1,000+180 = Rs. 1,180.