What is the Full Form of GST
GST Full Form is Goods and Services Tax. The government of any country needs money for its functioning. Tax is a major source of revenue for the government. It is an indirect tax that was introduced to simplify the complex indirect tax system in India. France was the first country to introduce this system in 1954. Today, it has spread to more than 140 countries.
What is GST?
The taxes thus collected are spent by the government on the public. GST was launched by the President of India at midnight on 1 July 2017. Tax rates, rules and legislation are governed by the GST Council, which includes the Union Government and the Finance Minister of the entire state. The GST Council is the governing body of the GST consisting of 33 members, of which 2 members are from the Center and 31 members are from the 28 States and 3 Union Territories.
Types of GST :-
3 types of GST in india
- CGST :- Central Goods and Service Tax.
- SGST :- State Goods and Service Tax.
- GST:- Integrated Goods and Service Tax.
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