Goods and Services Tax (GST) refers to an indirect tax. The implementation of this tax is in India. The collection of this tax takes place from the point of consumption. This is in contrast to collection from the point of origin like previous taxes. Furthermore, this tax's imposition is at every step in the production process. The refund is for all the parties in the various stages of production. Also, GST includes almost all indirect taxes.

First of all, Goods and Services Tax (GST) is a single tax system. The imposition of this tax takes place jointly by the centre and the state. Furthermore, the imposition happens with the recommendation of a federal council. In GST, the goods and services are divided into five different tax slabs. This is for the purpose of the tax collection. Above all, the tax slabs are – 0%, 5%, 12%, 18% and 28%. Also, petroleum products, alcoholic drinks, and electricity do not come under GST. Rough precious and semi-precious stones carry a special rate of 0.25%. Gold also carries a special rate of 3%. GST certainly subsumed several taxes and levies. These include central excise duty, services tax, and additional customs duty. Furthermore, state-level VAT, surcharges, and Octroi also come under GST. The GST regime has done away with levies. Also, these levies were applicable to inter-state transportation of goods.