GST is basically a goods and services act. It is the type of Indirect taxes. GST passed in the Indian parliament on 29th march 2017. But it came into effect from 1 July 2017. It is generally levied on every value addition.
The GST draft was set up in 2000. But to pass it in the parliament and make it a law it took 17 years.
BENEFITS OF GST:
Cascading effect which is mainly prevalent in goods and services with the enactment of GST. Also cost of the goods decreases.
GST is basically technologically driven scheme. All the process like registration, return filing, application for refund and response to notice needs to be done online on the GST portal.