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GST - the Goods and Services Tax
GST is an indirect tax that came into effect from 1st July 2017. Before GST, there were many different taxes in India, like VAT, excise duty, and service tax. GST replaced these with a single tax on most goods and services you buy. GST is collected at the point of consumption.
Most goods and services in India have a GST tax added at different rates (0%, 5%, 12%, 18%, 28%).
There are some exceptions, like petrol, alcohol and electricity, which are taxed separately by each state. In addition, some items like luxury cars and tobacco have an extra tax on top of the regular GST.
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There are four types of GST.
For goods bought within the same state (intrastate): GST is split into two parts - SGST (collected by the state) and CGST (collected by the central government).
For goods moving between states (interstate): A single IGST is applied, collected by the central government and then distributed to both the sending and receiving states.