GST

GST stands for Goods and Services Tax. It is a value-added tax levied on the supply of goods and services in India. GST is an indirect tax that is collected from the end consumer and paid to the government by businesses. The GST system was introduced in India on July 1, 2017, replacing multiple indirect taxes that were levied by the central and state governments. Under the GST system, all goods and services are taxed at either 5%, 12%, 18%, or 28%, depending on their category. There are also certain goods and services that are exempt from GST or taxed at a lower rate. Businesses with an annual turnover of up to Rs. 20 lakhs are exempted from registering under GST. GST has simplified the tax system in India and made it more transparent. It has also helped to eliminate the cascading effect of taxes, where taxes were levied on top of other taxes, leading to higher prices for consumers. However, there have been some challenges in implementing the GST system, including compliance issues and technological challenges. Regenerate response