GST or Goods and Services Tax is an indirect tax levied on the supply of goods and services. It is a comprehensive tax system that has replaced many previous taxes such as VAT, Excise Duty, and Service Tax, among others. Some of the important GST components are:

• CGST - Central Goods and Services Tax, which is levied by the Central Government on the intra-state supply of goods and services.
• SGST - State Goods and Services Tax, which is levied by the State Government on the intra-state supply of goods and services.
• IGST - Integrated Goods and Services Tax, which is levied on the inter-state supply of goods and services and is collected by the Central Government.
• UTGST - Union Territory Goods and Services Tax, which is levied by the Union Territory Government on intra-state supply of goods and services in the Union Territories of India.

The GST system has simplified the taxation process and has made it easier for businesses to comply with tax regulations. Under GST, there is a single tax rate for goods and services, which helps in reducing the tax burden on consumers. Additionally, GST has also led to the creation of a common market throughout the country, which has improved the ease of doing business.