What is Goods and Services Tax? GST stands for Goods and Services Tax. It is an indirect tax that is applicable to the goods and services sold domestically for consumption in India. The companies that offer the goods and services are responsible for repaying the money to the government on behalf of the customers and it is paid via GST return. In India, the idea of establishing the GST law was initiated in the year 2000, and it took 17 years for the country to create a comprehensive GST law that became effective on July 1, 2017.
Source Taxguru
