What is GST?
GST also known as goods and services tax.
It is applicable on all goods and services produced/manufactured within the particular country where GST is implemented. Countries where GST is applicable include Australia, Netherland, Vietnam, India, UK, CANADA etc. While making a nation economically strong at the same time it eliminated all the different complicated tax system which was applicable before it came into existence in India. It integrated various tax systems and provided one easier and fast solution to the tax systems in India.
While GST is compulsory at every step of production, it is intended to be reimbursed to all the parties other than the consumer at the final step proposing that it is collected from the point of consumption.
It varies from product to product. Ranging 4%-28 %. Few products like alcohol and petroleum based products are excluded and are part of different tax systems.