GST

Goods and Services Tax (GST) is a unified tax system implemented in many countries, including India, to simplify and streamline the taxation of goods and services. It replaces a complex web of indirect taxes with a single, comprehensive tax. Under the GST system, businesses and consumers benefit from reduced tax cascading and improved compliance. GST is levied at multiple rates on various goods and services, categorizing them into different tax slabs. Compliance involves filing regular returns, maintaining proper records, and adhering to GST rules. This system promotes transparency and is essential for businesses to understand and comply with to ensure their tax obligations are met.