GST i.e. Goods and Services Tax is considered to be the biggest tax reform system of India. This tax came into effect on 1 July 2017 and its purpose was to bring a uniform tax system across the country. Under GST, now the same tax is levied across the country, which has changed the nature of the tax process. Let's know GST Full Form and about it in detail.

GST Full Form: Have you ever heard a shopkeeper say "Do you want GST bill or without GST?" GST i.e. Goods and Services Tax affects everything today - whether you buy a mobile or eat in a hotel. This tax system, implemented on 1 July 2017, is considered to be the biggest tax reform system of India till date. Its purpose was to implement a uniform tax across the country and make the tax process easier. Here you are being told about it in detail, which will make your GK preparation good.

What is the full form of GST?

The full form of GST is Goods and Services Tax. In Hindi it is called goods and services tax. It is an indirect tax that is collected jointly by the central and state governments.

Why was GST implemented?

Before the implementation of GST, different taxes were levied in India – like VAT, Excise, Service Tax, Entry Tax etc. GST combined all the taxes into one tax, which made paying tax easier and the dream of “One Nation, One Tax” was fulfilled.

Types of GST

CGST (Central GST) – goes to the central government
SGST (State GST) – goes to the state government
IGST (Integrated GST) – when a transaction takes place between two states.

High-salary jobs too

After the introduction of GST, the demand for professional jobs like Tax Consultant, GST Practitioner, Chartered Accountant (CA), and Indirect Tax Analyst has increased. The annual salary in this sector can range from Rs 5 lakh to Rs 15 lakh, depending on experience and skills.