Goods and Services Tax

Goods and Services Tax (GST) is one of the most significant tax reforms introduced in modern fiscal systems across the world, designed to simplify the complex structure of indirect taxation. It is a comprehensive, destination-based tax levied on the supply of goods and services. GST replaces multiple indirect taxes such as excise duty, service tax, Value-Added Tax (VAT), entertainment tax and several other state and central taxes, thereby creating a unified tax system. The fundamental idea behind GST is to eliminate the cascading effect of taxes, commonly known as “tax on tax,” which was prevalent in earlier tax systems.