THE Full Form Of GST Is :
” Goods and Services Tax. “
” वस्तु एवं सेवा कर “
To understand about GST we need to understand about how taxation in India really work. The Government of any country needs money and funds for it’s projects for their Residents and Taxes are a major source of revenue for Government because after all all the taxes that government collect from it’s people are ultimately will Use in improving the overall benefits of the residents of that country.
Commonly There are Two types of taxes.
1. Direct Tax.
2. Indirect Tax
And GST has introduced to replace most of the Indirect Taxes levied by State and Central Governments to make the process of Indirect tax calculation more simpler. There are basically Three Types of GST.
Let’s See Three types of GST :
Full Forms Of Three Types Of GST Are :-
1. CGST ” Central Goods And Service Tax “
2. SGST ” State Goods And Service Tax “
3. IGST ” Integrated Goods And Service Tax “
GST called Goods and Services Tax Because it’s Applicable on the Supply of both Goods and Services.