GST, or Goods and Services Tax, is an indirect tax in India that replaced various taxes like excise duty, VAT, and service tax, etc. Launched on July 1, 2017, it aims to streamline tax collection, establishing a unified system for efficiency and simplicity. GST registration mandatory for businesses with annual turnover above Rs. 40 lakhs (Rs. 20 lakhs in North East and hill states). Also, Businesses with turnover under ₹1.5 crore can opt for the composition scheme, simplifying GST formalities and paying tax at a fixed turnover-based rate.