GST is a comprehensive indirect tax levied on the supply of goods and services in India, aimed at unifying multiple taxes under a single system. Introduced in 2017, GST simplifies the tax structure by subsuming various state and central taxes like VAT, excise duty, and service tax, making compliance easier for businesses.

It is designed to create a transparent tax system, eliminate the cascading effect of taxes, and promote ease of doing business. GST applies to manufacturers, traders, and service providers and is categorized into CGST, SGST, and IGST based on intra- or inter-state transactions.

Advantages:

• Simplifies tax compliance
• Eliminates tax cascading
• Expands tax base
• Enhances transparency