Presentation:
GST is like a one-stop-shop for all the different taxes that used to exist before. GST stands for (Goods and Services Tax) and it was introduced to simplify the taxation system. Before GST, we had a bunch of taxes like excise duty, service tax, and others. GST brought them all together under one umbrella. GST is a complete roundabout duty forced on the stockpile of labor and products in India. It supplanted numerous circuitous charges collected by the federal and state legislatures.
Objective: The essential goal of carrying out GST was to create a bound-together duty structure, eliminate flowing impacts, work on consistency, and encourage a typical market across states. Imagine you’re planning a party and need to buy various items like snacks, drinks, and decorations. Now, each of these items comes with a hidden cost called tax. The same concept applies to almost everything we buy or sell in our day-to-day lives, and that’s where GST, or Goods and Services Tax, comes into play.