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GST, or Goods and Services Tax, is a revolutionary tax reform introduced in India to streamline the country's complex indirect tax structure. Implemented on July 1, 2017, GST replaced a plethora of indirect taxes levied by the central and state governments, unifying them under a single tax regime. Unlike the previous system, where taxes were levied at multiple points in the supply chain, GST is a destination-based tax levied on the value-added at each stage of production or service delivery. It encompasses all stages of the supply chain, from manufacturing to the point of sale, ensuring comprehensive tax coverage. In this blog, we delve into the basics of GST, its types, advantages, documents required for registration, and the prevalent GST rates in India.
