GST stands for Goods and Services Tax. It is an indirect tax on goods and services that includes both central and state level taxes. GST replaces multiple indirect taxes like excise duty, service tax, and VAT and helps reduce corruption and transaction costs while enhancing manufacturing and distribution efficiency in India. GST consists of Central GST and State GST which are applied uniformly across the country using electronic forms and returns, though cross credits between states and center are not allowed.