Goods and Services Tax

The Goods and Services Tax (GST) is a comprehensive, multi-stage tax imposed on the supply of goods and services at every step of production or distribution. Typically applied as a consumption tax, the GST ensures that the final consumer bears the tax cost while businesses involved in the production and distribution process receive tax credits for taxes paid on purchases. The aim is to streamline tax collection, eliminate cascading effects, and unify various indirect taxes under a single framework, making compliance easier and more efficient for businesses. Countries implement GST with slight variations, but the core objective remains to simplify tax administration and enhance transparency in taxation.