GST stands for Goods and Services Tax. It is a value-added tax levied on the supply of goods and services in many countries around the world. The implementation of GST aims to streamline the indirect taxation system by replacing multiple indirect taxes such as excise duty, service tax, value-added tax (VAT), and others.

GST is designed to be a comprehensive and destination-based tax, which means it is applied throughout the supply chain and is ultimately borne by the end consumer. It is a consumption-based tax that is collected at each stage of the supply chain, and businesses can claim input tax credit for the GST paid on purchases made for their business activities.

The introduction of GST eliminates the cascading effect of taxes, where taxes were charged on taxes. By replacing multiple taxes with a single tax, it simplifies tax compliance and administration, reduces tax evasion, and promotes a common national market.

It is important to note that the specific details and rates of GST can vary from country to country. Different countries may have different thresholds, exemptions, and rates for various goods and services. Therefore, it is advisable to refer to the GST laws and regulations of a specific country for accurate and up-to-date information.