In this post I will tell you what is GST Full Form. What is the Full Form of GST. What is the full name of GST?
What is GST Full Form?
GST Full Form = Goods and Services Tax
The full form of GST is Goods and Services Tax. GST means Goods and Services Tax . GST can also be called indirect tax. As the name suggests, Goods and Services Tax means that the tax on the sale of goods and services is called Goods and Services Tax. Prime Minister Narendra Modi had implemented it from July 1, 2017 at 12 o’clock in the entire country.
What is called GST Full Form?
In all the states of India, the government has full right to levy tax by the state government on the sale of any goods and its products. And at the same time, the central government also imposes its own tax on the sale of any goods and its products. Earlier this process was different. Due to which many taxes had to be paid. GST has been created to unify all these processes. In which now only one tax has to be paid in the whole of India. That is GST Full Form.
GST is paid at the last level i.e. by the consumer who buys or takes the service. But the government is paid by the seller or the service provider.
The Central Government or the State Government takes GST for the development of their country or for the smooth operation of any goods or services for the development of their country or state. GST is of the following types.
What Are The Types of GST Full Form ?
CGST – Central Goods and Services Tax is a part of GST which belongs to the central government.
SGST – State Goods and Services Tax In GST, a part belongs to the state government.
IGST – Integrated Goods and Services Tax is a part of GST, in which both the state government and the central government belong.
UTGST – Union Territory Goods and Service Tax is a part in GST, which is only for the centrally governed country.
Types of Taxes:-
1.- Direct Tax – Direct Tax is called Direct Tax. That is, this tax is levied on the source of any kind of income of a person. For example, tax is levied on the source of income by way of income from job, house rent, profit of trader etc.
2.- Indirect Tax – Indirect Tax is called indirect tax . Indirect tax has to be paid by everyone. Like everyone has to buy stuff. Indirect taxes are levied on the cost of goods and services. Tax is added to the MRP of an item. Which all of us pay and take the goods. In which both the State Government and the Central Government are levied.