What is the Full Form of GST?

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GST Full Form is Goods and Service Tax. It is an indirect tax which was introduced to simplify the complicated indirect tax system in India.  GST would tend to remove the cascading effect of taxes we call "taxes on taxes". It would be based on the uniform rate of tax and will be payable only at the final point of consumption, unlike a cascade tax that is applied at every stage in the supply chain without considering the taxes paid at earlier stages. In this way it  becomes a tax on tax, due to which the final price of the product has increased. It with an example.
A distributor sells a product of price Rs. 100 to a retailer after adding the indirect tax 12%, at Rs. 112.

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