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INTRODUCTION OF GST ( GOODS AND SERVICE TAXES ) #gstaccountingintallyprime #gstcourse #gst #gstfree Hstudent-friendly introduction of GST** you can use for *notes, GST course, Tally Prime, or social media captions* 👇 --- INTRODUCTION OF GST (Goods and Services Tax) *Goods and Services Tax (GST)* is a unified indirect tax system introduced in **India on 1st July 2017**. It replaced multiple indirect taxes such as **VAT, Service Tax, Excise Duty, CST, Entry Tax, etc.**, and brought them under **one single tax framework**. GST is a **destination-based tax**, which means tax is collected by the state where goods or services are finally consumed. The main objective of GST is **“One Nation, One Tax”**, ensuring transparency, simplicity, and removal of cascading (tax on tax). Types of GST *CGST (Central GST)* – Collected by Central Government *SGST (State GST)* – Collected by State Government *IGST (Integrated GST)* – Applied on inter-state transactions Key Features of GST Single tax system Input Tax Credit (ITC) benefit Online registration, return & payment Reduces tax burden on consumers Boosts ease of doing business Importance of GST in Accounting & Tally Prime GST plays a vital role in **accounting software like Tally Prime**, where businesses manage: GST registration Sales & purchase entries GST returns (GSTR-1, GSTR-3B) Input Tax Credit tracking --- If you want: 📘 *Short exam-ready introduction* 🎥 *YouTube video script* 🧾 *GST notes with examples* 💻 *GST entries in Tally Prime (step-by-step)* Just tell me 👍