GST KYA H/WHAT IS GST

GST stands for Goods and Services Tax, which is a value-added tax (VAT) imposed on most goods and services sold for domestic consumption in many countries around the world. GST is a comprehensive indirect tax that is levied on the value-added at each stage of production and distribution of goods and services. It is a multi-stage tax that is ultimately borne by the end consumer.

The implementation of GST aims to simplify the tax structure, reduce tax evasion, and promote economic growth. In many countries, including India, Canada, and Australia, GST has replaced several indirect taxes, such as sales tax, service tax, and excise duty. The rate of GST varies from country to country and also depends on the type of goods and services being taxed.