The GST is levied on the supply of goods and services, with some exceptions. The rate of GST varies depending on the type of good or service being supplied. There are four tax slabs: 5%, 12%, 18%, and 28%. There is also a nil rate for certain goods and services, such as unbranded food and beverages.

The GST is a destination-based tax, which means that the tax is levied on the consumption of goods and services in the state where they are consumed, regardless of where they are produced. This is different from the VAT, which was an origin-based tax, meaning that the tax was levied on the production of goods and services in the state where they were produced.

The GST is a self-assessing tax, which means that businesses are responsible for calculating and paying their own GST liability. There are three ways to file a GST return: online, through a GST Suvidha Centre (GSC), or through a GST practitioner.

The GST is a credit-based tax, which means that businesses can take credit for the GST they have paid on their inputs when they calculate their GST liability on their outputs. This helps to avoid double taxation.

The GST is a transparent tax, which means that all GST transactions are recorded on the GSTN, which is a central online portal. This makes it easier for businesses to track their GST compliance and for the government to collect GST revenue.

The GST has been a major reform of the Indian tax system. It has been praised for its potential to simplify the tax system, reduce tax evasion, and boost economic growth. However, there have also been some challenges with the implementation of the GST, such as initial technical glitches and the need for businesses to adapt to the new tax system.

Overall, the GST is a complex tax with a number of implications for businesses and individuals. Businesses should seek professional advice to ensure that they are compliant with the GST.