Goods & Services Tax (GST) : Introduction Video.

Introduction to the GST (Chapter 1): Goods and Services Tax is an indirect tax levied on the supply of goods and services i.e. on the sales of goods and rendering services . It is an nation wide tax which subsumes several indirect taxes levied by the Centre and State Governments and is based on the principle of "One nation one tax ". Central level taxes merged into GST are - Excise Duty , custom Duty, and Central Sales Tax. State level Tax merged into GST are - Octroi and Entry Tax ,Value Added Tax , etc. GST creates a semblance of common market where every supply of goods or services or both irrespective of where it takes places has common treatment and a defined common tax rate throughout the chain..