What is Goods & Services ?

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Goods are items that are tangible, such as pens, salt, apples, and hats. ... According to economic theory, consumption of goods and services is assumed to provide utility (satisfaction) to the consumer or end-user, although businesses also consume goods and services in the course of producing other goods and services.

Services are non-material things. These cannot be seen or touched only their effects are felt. When we are hungry, we take food. When we fall sick, we take medicines. When we study, we use book, notebook, pen, paper etc. All these are examples of goods which satisfy some of our wants. All the things which satisfy human wants are good.

Goods and services are of many types. However, these can be classified into some broad groups.

Goods and Services Tax (GST) is an indirect tax.

The GST Bill was discussed in length in Parliament in order to end

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Implement a new system in which most of these taxes will be covered under one umbrella.

In order to understand the features and objectives of GST Act

In order to understand the features and objectives of GST Act

first we need to take a quick look on the previous taxation system.

Previously taxes were charged on every stage on GST

excise on manufacture, VAT/CST on sales, entry tax on entry of goods in local area on GST

These taxes get accumulated with the original price as the input credit for the tax on GST

already paid is not available to the consumers on GST

This cascading effect of tax on GST