What is the full form of GST

GST: Goods and Service Tax

GST stands for Goods and Service Tax. GST is an indirect tax (or consumption tax) used in India on the supply of goods and services which was introduced to simplify the complicated indirect tax system.

It is levied on businesses, basically. But, businesses are given the provision of adding the respective tax percentage to the price of their goods at the time of sale. The total amount is thus paid by the customer.

This tax is collected by businesses to be forwarded to the government. The government then utilizes this tax for development of the nation and its citizens.

GST has been accepted by many countries around the world. The first country to implement GST was France, in 1954. Around 160 countries have accepted the idea of GST since then. These include Canada, the UK, Australia, Singapore, Vietnam, Brazil, Spain, Nigeria, Italy, and South Korea. Certain countries refer to it as the Value Added Tax (VAT).