Goods and Services Tax (GST) is a single nationwide tax on the supply of goods and services, introduced in India on 1 July 2017 to replace many central and state indirect taxes.
- It merges taxes like excise duty, service tax, VAT, entry tax and entertainment tax into one system.
- Main parts: CGST (centre share on within‑state supply), SGST (state share on within‑state supply), IGST (centre tax on between‑state supply), plus compensation to states for revenue loss.
- Aims: create one common national market, simplify taxes, reduce cascading, lower prices, boost investment, industry, exports and employment.
