GST Full Form Meaning: Any nation’s government needs funds to function, and taxation is a primary revenue stream for governments. As a consequence, the taxes collected are spent on welfare for the benefit of the general population.
Taxes are typically divided into two types:
- direct taxes
- indirect taxes
GST is an abbreviation for Goods and Services Tax. It was structured to substitute a range of indirect taxes collected by the Indian state and central governments. The indirect taxes structure has been modified as a consequence of this.
- What exactly is represented by “Direct Tax”?
- What exactly is represented by “Indirect Tax”?
- Why was GST implemented in India?
- What are the different indirect taxes incorporated under GST?
- What does GST mean in various languages?
What Exactly is Represented by “Direct Tax”?
An assessee’s income is liable to direct taxation (individual or company or firm or HUF or any other person).
The percentage of tax payable depends greatly on the individual’s income from multiple sources such as salary, housing rent income, bank FD interest, etc. So, the greater your income is, the higher tax you owe to the government, emphasizing that the affluent pay more tax than the underprivileged.
The following is an overview of direct taxes that are relevant in India:
- The Income Tax – Importance of Income Tax
- The Wealth Tax (Abolished and revoked later)
- The Estate Tax
What Exactly is Represented by “Indirect Tax”?
Indirect taxes are not levied directly on people’s earnings. Alternatively, it is levied on products and services purchased, influences the price or MRP of such products and services.
In sharp contrast to direct taxes, indirect taxes should be incurred by the end consumer, with rich and poor treated as equals.
There are a few indirect taxes.
The list consists of existing indirect taxes in India:
- Goods and Services Tax (GST)
- Customs duties
- Excise tax (on Petrol, diesel, natural gas, alcohol)
- Sales Tax at the State Level (relevant for certain goods only
Why was GST Implemented in India?
Originally a Value Added Tax (VAT) structure existed in place of GST, which was a bit flawed with the double taxation regime and non-integration with the service tax.
GST, which combines many Central and State levies into a single tax, has emerged as the most substantial taxation policy in the national economy since independence.
As an indirect tax, GST is also included in the purchase price of products or the service charge paid by a person.
The Products and Services Tax (GST) is a comprehensive tax scheme that extends to both goods and services.
The parallel adoption of GST at the Centre and State levels has consolidated taxes on goods and services for the specific purpose of a set-off, committed to ensuring that the compounding impact of taxes is minimized.
Pocket Guide to GST with Illustration can be found from here.
What are the Different Indirect Taxes Incorporated under GST?
The following taxes are covered in the GST slab:
- Sales Tax
- Service Tax
- Entertainment tax
- CVD etc
What Does GST Mean in Various Languages?
|S No||Language||GST full form in Various Languages|
|1||GST full form in Hindi||वस्तु एवं सेवा कर|
|2||GST full form in Marathi||वस्तू आणि सेवा कर|
|3||GST full form in Gujrati||માલ અને સેવાઓ કર|
|4||GST full form in Punjabi||ਗੁਡਸ ਅਤੇ ਸਰਵਿਸਿਜ਼ ਟੈਕਸ|
|5||GST full form in Malayalam||വസ്തുക്കളും സേവന നികുതിയും|
|6||GST full form in Bengali||পণ্য ও সেবা কর|
|7||GST full form in Kannad||ಸರಕು ಮತ್ತು ಸೇವೆಗಳ ತೆರಿಗೆ|
|8||GST full form in Telegu||వస్తువులు మరియు సేవ పన్ను|
|9||GST full form in Tamil||பொருட்கள் மற்றும் சேவைகள் வரி|
|10||GST full form in Sindhi||سامان ۽ خدمت ٽيڪس|
|11||GST full form in Urdu||سامان اور سروس ٹیکس|
|12||GST full form in Nepali||सामान र सेवा कर|
|13||GST full form in Arabic||ضريبة السلع والخدمات|