Wikipedia defines GST as follows: “Goods and Services Tax is a successor to VAT used in India on the supply of goods and services. GST is a digitalized form of VAT where you can also track the goods & services. Both VAT and GST have the same taxation slabs.”

Simply put, GST is a cumulative tax that is added to goods and services in India. It varies from product to product.

GST is of 3 types: CGST, SGST, and IGST. IGST is imposed on imports, exports, and interstate supply of goods and/or services, while CGST and SGST are charged on intrastate transactions.