Glossary · GST & Indirect Tax
GST
Goods and Services Tax — an indirect, destination-based tax levied on the supply of goods and services across India, replacing multiple central and state taxes.
GST was introduced on 1 July 2017 under the 101st Constitutional Amendment. It subsumes central taxes (Excise Duty, Service Tax, CST), state taxes (VAT, Entry Tax, Luxury Tax), and local levies (Octroi, LBT). GST has four slabs — 5%, 12%, 18%, 28% — plus a 0% category for essentials and a 40% slab for sin and luxury goods. It is administered by the GST Council comprising the Union and State Finance Ministers, with CBIC and state authorities enforcing it.
Examples
A restaurant selling food at ₹1,000 charges 5% GST = ₹50, taking the final bill to ₹1,050.
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