Goods and Service Tax (GST) is an indirect tax levied on the supply of goods and services. This law has replaced many indirect tax laws that previously existed in India. GST is one indirect tax for the entire country.
GST helps to build a transparent and will increase efficiency in tax administration. It has only three accounts; CGST, SGST, IGST have to be maintained. So it is a Simplified and cost saving system as procedural cost reduces due to uniform accounting for all types of taxes.