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Goods & Service Tax
What does GST stand for and when was it implemented in India?
GST stands for Goods and Services Tax, a comprehensive indirect tax implemented in India on 1st July 2017, replacing multiple cascading taxes levied by the central and state governments.
What is the full form of CGST under the GST framework?
Central Goods and Services Tax levied by the central government.
What is the constitutional amendment that enabled the introduction of GST in India?
The 101st Constitutional Amendment Act, 2016 enabled the introduction of GST in India by inserting Article 246A, which grants concurrent powers to both Parliament and State Legislatures to levy GST.
What is the full form of SGST and who collects it?
State Goods and Services Tax, collected by respective state governments.
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