GST stands for Goods and Services Tax, which will replace existing indirect taxes such as VAT, service tax, etc. GST is payable on the supply of goods or services and will be collected by the supplier from the customer. There are three types of GST - CGST, SGST, and IGST. CGST and SGST apply to intrastate supplies while IGST applies to interstate supplies. Registered businesses can claim a tax credit for GST paid on inputs to offset against GST charged on outputs, subject to certain conditions. The threshold for mandatory GST registration is an aggregate turnover of Rs. 20 lakhs annually, except in North Eastern states where it is Rs. 10 lakhs