Write about GST in brief.

GST is a single tax on the supply of goods and services. It makes the movement of goods simpler and cheaper by removing multiple taxations at different rates.

Its introduction is considered to be a significant step in the reform of indirect taxation in India as it amalgamates various Central and State taxes into a single tax which helps in mitigating double taxation, cascading, classification issues, taxable event, etc., and leading to a common national market. Under GST, the government has fixed GST rates on 1,211 goods and 500 services in the range of five to 28 per cent. Certain items such as alcohol, petrol, diesel and natural gas are exempted.