Explain Goods and Service Tax (GST) in detail.

GST is levied on the sale of goods and services in the country. Unlike previous indirect taxes, this tax is collected at the point of consumption and not at the point of origin. To summarise, GST is a comprehensive, multi-stage, destination-based tax which is levied on every value addition.

Multi-stage taxation 

A product goes through multiple stages before it is consumed by the end user. These stages are similar to those of a supply chain. 

For instance, the supply chain of a product involves the following stages: 

• Purchase of raw materials
• Manufacturing of a product, 
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