GST - Goods & Services Tax (GST)
This levy and collection of tax by Central Government and State Government/Union Territory are on both intra-State as well as inter-state supply of goods or services. Even the import of goods and services also attract this Tax. The taxable event in supply of goods or services. The types of GST levied are Central Goods & Services Tax (CGST) and State/Union Territory Goods & Services Tax (SGST/UTGST) on intra-State or intra-Union Territory supply of goods or services. Integrated Goods & Services Tax (IGST) on inter-State supply of goods or services and import of goods and services.
This multi-stage and destination-based taxation system has largely substituted many other indirect taxes in India, including Central Excise duty, VAT, CST and Service Tax with effect from 1st July 2017.