Full-Form and Meaning of GST

The full form of GST is Goods and Services Tax. However, before knowing the meaning of GST, it is important to know the types of taxes prevalent in India.

Types of Taxes in India 

Direct Tax 

Direct tax is a type of tax that is levied on the income of an individual or identity. Different types of direct taxes in India: 

1. Income Tax 
2. Wealth Tax 
3. Estate Tax 

Indirect Tax 

Indirect tax is a type of tax that is not directly levied on the income of an individual or identity. Indirect tax is imposed on goods or services supplied and included in the MRP of a product. Different types of indirect taxes in India: 

1. Goods and Services Tax (GST) 
2. Customs Duty 
3. Stamp Duty 
4. Entertainment Tax 
5. Securities Transaction Tax 
6. Excise Duty 
7. Central Sales Tax 

Meaning of GST 

GST, or Goods and Services Tax, is a tax that clients need to bear when they purchase any goods or services, like food, garments, gadgets, and so forth. As we already know that GST is an “Indirect Tax”, hence, it is collected by the government at the time of manufacturing or supply of goods or/and services. The manufacturer or supplier adds the GST into their expenses, and the MRP of the product is inclusive of GST. 

Benefits of GST 

GST was India’s greatest tax revolution since Independence that subsumed plenty of indirect taxes. In any case, the greatest benefit of GST is that it opened and created a unified market. This in turn promoted the free movement of goods or/and services, unlike the old indirect tax regime where state borders became hindrances. Moreover, GST also helped in reducing the tax evasion incidents in India, as every compliance under GST is carried out online. 

Types of GST 

1. CGST: The full form of CGST is Central Goods and Services Tax. Moreover, as the name suggests, the tax amount under CGST is collected by Central Government. 
2. SGST: The full form of SGST is State Goods and Services Tax. Moreover, as the name suggests, the tax amount under SGST is collected by State Government. 
3. UTGST: UTGST’s full form is Union Territory Goods and Services Tax. Moreover, as the name suggests, the tax amount under UTGST is collected by the Government of such Union territory. 
4. IGST: IGST’s full form is Integrated Goods and Services Tax. As the name suggests, the tax amount under IGST is collected by the Central Government. However, the tax collected by the Central government is then apportioned to the State Government as per the accord. 

Full-Form of GST in Different Languages 

Here is the full form of GST in different languages 

Full-Form of GST in English	Goods and Services Tax
Full-Form of GST in Hindi	वस्तु एवं सेवा कर
Full-Form of GST in Punjabi	ਗੁਡਸ ਐਂਡ ਸਰਵਿਸਿਜ਼ ਟੈਕਸ
Full-Form of GST in Bengali	পণ্য ও পরিষেবা কর
Full-Form of GST in Malayalam	വസ്തുക്കളും സേവന നികുതിയും
Full-Form of GST in Kannada	ಸರಕು ಮತ್ತು ಸೇ ವಾ ತೆರಿಗೆ
Full-Form of GST in Marathi	वस्तू आणि सेवा कर
Full-Form of GST in Gujarathi	સામાન અને સેવાઓ કર
Full-Form of GST in Tamil	பொருட்கள் மற்றும் சேவைகள் வரி
Full-Form of GST in Sindhi	سامان ۽ خدمتون ٽيڪس
Full-Form of GST in Telugu	వస్తువులు మరియు సేవల పన్ను
Full-Form of GST in Nepali	सामान र सेवा कर
Full-Form of GST in Urdu	سامان اور خدمات ٹیکس
Full-Form of GST in Arabic	ضريبة السلع والخدمات