what is the full form of GST or GST Full form very common question arises in mind. Let me explain GST with its full form:
GST Full Form
GST : Goods and Services Tax
GST stands for Goods and Services Tax and this will replace all the various indirect taxes (like Service Tax, VAT etc) currently applicable in India (except Customs).
Instead of various different taxes being levied – only one tax would be levied i.e. GST. Moreover, the same laws would now be applicable across India as compared to the different laws prevalent currently.
Here is how Mr. Nitish Banka, Supreme Court Advocate and Founder of lexspeak.in explains GST:
What is GST?
GST is value added tax levied at all levels in the chain of supply with allowing credit on tax paid on input acquired for use in making the supply. The GST is a Value-added Tax (VAT) proposed to be a comprehensive indirect tax levy on the manufacture, sale, and consumption of goods as well as services at the national level. It will replace all indirect taxes levied on goods and services by the Indian Central and state governments. It is aimed at being comprehensive for most goods and services.
The GST has been bifurcated into four variants namely Central Goods and Services Tax (CGST), the integrated-GST (IGST), the State Goods and Services Tax (SGST), and the Union territory GST (UTGST). All these variants of GST have been passed in the Lok Sabha without any amendments from the opposition party.