GST is the new indirect tax that will once implemented take over VAT, Service Tax, Excise and many indirect taxes currently collected in India on sale of physical goods and services.
Full form of GST is Goods and Services Tax.
GST will unite entire country by streamlining tax laws all over India. Every part of India will pay taxes and comply with same provisions.
GST will administrated by Central government as well each state will have their own set of law.
GST will have many acts within it to give administrative as well as taxing powers to states and center.
Main Acts, that GST will have are:
- Central Goods and Services Tax (CGST) Act,
- Integrated Goods and Services Tax (IGST) Act and,
- State Goods and Services Tax (SGST) Act