GST

Goods and Services Tax (GST) is a significant tax change in India, which started on July 1, 2017. It replaced many complicated taxes with a more straightforward system. Before GST, we had various taxes like excise, service tax, and VAT, making things quite complex. GST aimed to simplify this mess.

Here's how it works: GST is a tax you pay when you buy something. It has two parts - a central part and a state part. It's like a team effort between the national and state governments. There are different GST rates like 5%, 12%, 18%, and 28% for different things you buy. Some things have no GST (0%).

The good thing about GST is that it helps stop tax evasion. It also makes it easier to do business across states. Companies can claim back the GST they paid, which is good for them.

However, when GST first started, many businesses had to adjust to the new system. Small businesses faced some challenges too. But overall, GST is helping India have a simpler and more efficient tax system.

So, GST is like a big change in how we pay taxes when we buy things, aiming to make things easier for everyone.