goods and services tax (gst)

Goods and Services Tax (GST) is a consumption-based tax levied on the supply of goods and services. It is a comprehensive indirect tax system implemented by governments to replace various other indirect taxes. GST is usually applied at each stage of the supply chain until the final consumer, ensuring that only the value added is taxed. It aims to streamline the taxation process, promote transparency, and prevent cascading of taxes, ultimately benefiting both businesses and consumers.

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