Goods and Service Tax (GST)
GST is commonly known as the tax imposed on the supply of goods and services. Previously, the Central Government levied taxes on manufacturing (Central Excise duty), provision of services (Service Tax), and interstate sales of goods (Central Sales Tax, or CST, levied by the Centre but collected and appropriated by the States). Additionally, State Governments imposed taxes on retail sales (VAT), entry of goods into the State (Entry Tax), luxury tax, purchase tax, etc. This created multiple layers ...