What is GST (Goods and Services Tax)? — Meaning, Definition & Example
Definition
GST is India's unified indirect tax that replaced multiple taxes like VAT, service tax, excise duty, and customs surcharge. Implemented on 1 July 2017, it has 4 slabs: 5%, 12%, 18%, and 28%. GST is managed by the GST Council headed by the Union Finance Minister.
When you buy a phone for ₹20,000, you pay 18% GST (₹3,600), so the total price becomes ₹23,600. The GST collected is shared between Centre (CGST) and State (SGST).
🇮🇳 GST (Goods and Services Tax) in Hindi / हिंदी में
GST (गुड्स एंड सर्विसेज टैक्स) — GST भारत का एकीकृत अप्रत्यक्ष कर है जिसने VAT, सेवा कर, उत्पाद शुल्क जैसे कई करों को बदल दिया। 1 जुलाई 2017 से लागू, इसमें 4 स्लैब हैं: 5%, 12%, 18% और 28%।
GST (Goods and Services Tax) (Hinglish) — GST India ka unified indirect tax hai jo VAT, service tax, excise duty ki jagah aaya. 1 July 2017 se lagu, 4 slabs hain: 5%, 12%, 18%, 28%.