Indirect taxes represent a critical component of a country’s taxation system, primarily levied on goods and services rather than directly on personal or corporate income.

The Goods and Services Tax (GST) in India represents a significant shift in the country’s taxation landscape, evolving over a lengthy period.

Answer: GST stands for Goods and Services Tax, which is levied on supply of goods or services. “Supply” is a legal term which has very broad sweep and various types of economic activities are covered by it. For example, sale of goods is a type of supply.