Tax
GST
Also known as: Goods and Services Tax
Goods and Services Tax - Unified indirect tax system replacing multiple state and central taxes.
Detailed Explanation
GST (Goods and Services Tax) is a comprehensive indirect tax levied on the supply of goods and services across India. It has subsumed various indirect taxes like VAT, service tax, excise duty, etc. GST rates are 5%, 12%, 18%, and 28% for different categories of goods and services.