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GST Assignment 6th semister

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GST Overview & Benefits. Mohammed Abdul Majid GST meaning, Components, Objectives& Advantages.  GST stands for Goods and Services Tax, which is a value-added tax system that is levied on the supply of goods and services in India. It is a comprehensive tax system that has replaced various indirect taxes such as central excise duty, service tax, state-level VAT, etc. Here are the components, objectives, and advantages of GST: Components of GST: CGST (Central Goods and Services Tax): This is levied by the Central Government on intra-state supply of goods and services. SGST (State Goods and Services Tax): This is levied by the State Government on intra-state supply of goods and services. IGST (Integrated Goods and Services Tax): This is levied by the Central Government on inter-state supply of goods and services. Objectives of GST: To simplify the indirect tax system: GST aims to simplify the indirect tax system by replacing multiple taxes with a single tax. To create a common mark