Goods and Services Tax (GST) is a comprehensive, multi-stage tax levied on the supply of goods and services in India. Introduced on 1st July 2017, GST replaced various indirect taxes like VAT, service tax, and excise duty, creating a unified tax system. It is divided into Central GST (CGST) and State GST (SGST) or Integrated GST (IGST), depending on whether the transaction is within or between states.

GST operates under four tax slabs: 5%, 12%, 18%, and 28%. GST aims to simplify the tax structure, eliminate the cascading effect of taxes, boost compliance, and promote ease of doing business in India. Additionally, GST facilitates transparency in the tax system through a digitized platform.