GST Full Form: You all must have heard about “One Nation One Tax”, but today we will provide you with information about One Nation One Tax, It is called GST. We all need to know the answers to the questions like what is GST, what is the full form of GST, what are the types of GST etc. Then without delay let’s start and know what is GST Full Form.
Several taxes fixed by the government used to be applicable to us. But a few years ago the government started such a tax which is the root of all taxes. This is called GST. Do you know what is the full form of GST? If not, then today’s article is going to be really full of information for you.
So let us tell you that, GST is a type of indirect tax. There is a total of 28 states in our country, out of which the first state to implement GST is Assam. After doing this, Assam has become the first state to implement the Goods and Services Tax.
What is GST Full Form?
- G – Goods
- S – Service
- T – Tax
GST full form is “Goods and Service Tax”.
Before knowing many other things about Goods & Service Tax, we know a little about its history. So that it is easy to understand this concept.
History Of GST
GST was first started in France all over the world. France first introduced GST in 1954 to prevent tax evasion. After this, tax facilities like GST are applicable in 160 other countries also. Single GST has been implemented in our country.
In the budget of 2006, GST was introduced. And the government of that time claimed that we will implement GST in India by the year 2010. But this could not happen. After working on it for many years, GST was implemented on 1st July 2017.
Introduction Of GST
GST is a type of indirect tax. Earlier in the Indian Constitution, the right to levy tax on the sale of goods and products was for the state government. The right to impose taxes on the production of goods and services was reserved for the central government. Due to the taxes of the Central Government and the State Government, there were many types of taxes in India. (GST Full Form)
Eliminating all these, only one tax has been implemented, which is known as GST.
What is GST?
The full form of GST is – Goods and Services Tax. It has to be paid for purchasing goods or using services. A tax GST has been brought into its place by removing many existing types of taxes (Excise Duty, VAT, Entry Tax, Service Tax, etc.).
Types of GST
GST has been implemented in India in four ways –
CGST (Central Goods and Services Tax)
Which comes to the Government of India in the form of Central Sales Tax, Central Excise Duty, and Service Tax.
SGST (State Goods and Services Tax)
Sales tax, luxury tax, entertainment tax, levies on lottery, and entry tax have been subsumed by SGST in respect of goods and services.
IGST (Integrated Goods and Services Tax)
IGST stands for Integrated Goods and Services Tax. This type of tax is levied on the movement of goods from one state to another. Example- If goods and services are being supplied from Delhi to UP, then IGST is levied on it.
UTGST (Goods and Services Tax for Union Territory)
Union Territories have been placed in a special category by the GST Act. By this, a uniform tax is implemented in all the Union Territories of India. (GST Full Form)
Benefits of GST
- A better delivery system
- For ease of doing business
- Online processes
- To prevent tax evasion
- To eliminate the cascading impact of taxes
- The common man has benefited the most from GST.
- Under this, the same tax has been levied on the purchase of all goods.
- There is no change in tax due to the change of location of the commodity.
- The tax system in India has been simplified through GST.
- The system of levying tax on tax has been abolished
- Service Tax, Central Sales Tax, State Sales Tax, and VAT have been abolished with the implementation of GST.
- Before GST, we had to pay taxes ranging from 30 to 33% on various goods. After GST we have to pay only 18% GST
- To promote competitive pricing and increase consumption
- To subsume most of the indirect taxes in India
Friends, today we have discussed what is GST?, GST Full Form. The advantages and disadvantages of GST, GST billing, etc are explained in detail. If you liked this information then don’t forget to share it.
What is the full form of GST?
The full name of GST is Good and Service Tax.
Into how many parts is GST divided?
The GST is divided into 4 parts by the government. It is mainly CGST, SGST, IGST, and UGST.
What is the full form of SGST?
Its full form is State Good Services Tax, it is levied on purchase, sale, transfer, import, and other services. The power to levy tax on SGST rests with the state government.
What is the full form of CGST?
The full form of CGST is Central Goods and Services Tax, it is collected as a tax by the central government. It is a category of GST,