GST Full Form & GST Meaning In Various Languages

GST full form is Goods and Services Tax. It has been introduced to replace multiple indirect taxes levied by the State and Central Government in India. This has simplified the indirect taxation system. Various indirect taxes subsumed in GST are.

  • VAT
  • Sales Tax
  • Service Tax
  • Entertainment tax
  • Octroi
  • CVD
  • etc
Latest News:

The due date for filing Annual return in Form GSTR-9/GSTR-9A and reconciliation statement in GSTR-9C for the F.Y. 2017-18 has been extended from 31st August 2019 to 30th November 2019.

GST Full Form

  • VAT -

    Vat was an indirect tax introduced to replace general sales tax in India in 2005. Under Vat regime tax was levied on value addition at each stage of production and distribution before reaching the final consumer.

  • Sales Tax -

    Sales tax is a tax imposed on the sale and purchase of goods within the state. Each state has its own sales tax law. Sales tax is charged at the levels of Legislation, Central and State.

  • Service Tax -

    Service tax in India used to be a type of indirect tax charged on the services provided by a service provider. The Place of Provision Rules 2012 and the Point of Taxation Rules 2011 were considered while determining the tax liability.

  • Entertainment Tax -

    It used to be levied on various forms of commercial entertainment such as movie tickets, exhibitions, sport events and more. It was a form of indirect tax, which is levied on the buyer.

  • Octroi -

    Octroi was a tax levied by the local municipality in India when the product entered the state.

Direct Tax

Direct taxes in India are regulated by the Income Tax Act, 1961 and Wealth Tax Act, 1957. The Central Board of Direct Taxes (CBDT) administers direct taxation in India. Income tax is levied on the income of an individual, business entity, trusts, etc. Its levy and charge is governed by the Income Tax Act, 1961.

Why was GST introduced in India ?

Prior to the introduction of GST in India, Value Added Tax regime was in force in India. It suffered from many deficiencies such as

  • Separate charge of several local levies in State VAT such as entertainment tax, luxury tax etc.
  • Double taxation on account of Non-VATable CST and inclusion of CENVAT in the value on which VAT was imposed.
  • Non integration of VAT & Service tax.
  • Double taxation of a single transaction both as a good and a service.

Taxes under GST

By amalgamating a large number of Central and State taxes into a single Tax GST has emerged out as biggest taxation reform in the economy post independence.

Being an indirect tax GST is inclusive in the MRP of goods purchased or fee of service paid by a person. GST is a comprehensive tax structure covering both goods and services viz. Goods and Services tax (GST). Simultaneous introduction of GST at both Centre and State levels has integrated taxes on goods and services for the purpose of set-off and ensure that the cascading effect of taxes is resorted to. Especially in cases of earlier existed

  • CENVAT and service Tax

Know GST in your Language

S NoLanguageGST full form in Various Languages
1GST full form in Hindi????? ??? ???? ??
2 GST full form in Marathi????? ??? ???? ??
3 GST full form in Gujrati??? ??? ????? ??
4 GST full form in Punjabi???? ??? ???????? ????
5 GST full form in Malayalam??????????? ???? ?????????
6 GST full form in Bengali???? ? ???? ??
7 GST full form in Kannad???? ????? ?????? ??????
8 GST full form in Telegu????????? ????? ??? ?????
9 GST full form in Tamil????????? ??????? ??????? ???
10 GST full form in Sindhi????? ? ???? ????
11 GST full form in Urdu????? ??? ???? ????
12 GST full form in Nepali????? ? ???? ??
13 GST full form in Arabic????? ????? ????????

Looking to know more insights about Goods and Services Tax, its framework, rate, structure, benefits and lot more, Read Here!!

CA Abhishek Soni

Abhishek Soni is a Chartered Accountant by profession & entrepreneur by passion. He is the co-founder & CEO of Tax2win is amongst the top 25 emerging startups of Asia and authorized ERI by the Income Tax Department. In the past, he worked in EY and comes with wide industry experience from telecom, retail to manufacturing to entertainment where he has handled various national and international assignments.