<Table> <Tr> <Td> </Td> <Td> This article may be in need of reorganization to comply with Wikipedia's layout guidelines . Please help by editing the article to make improvements to the overall structure . (June 2017) (Learn how and when to remove this template message) </Td> </Tr> </Table> <Tr> <Td> </Td> <Td> This article may be in need of reorganization to comply with Wikipedia's layout guidelines . Please help by editing the article to make improvements to the overall structure . (June 2017) (Learn how and when to remove this template message) </Td> </Tr> <P> Goods and Services Tax (GST) is an indirect tax levied in India on the sale of goods and services . Goods and services are divided into five tax slabs for collection of tax - 0%, 5%, 12%, 18% and 28% . Petroleum products and alcoholic drinks are taxed separately by the individual state governments . There is a special rate of 0.25% on rough precious and semi-precious stones and 3% on gold . In addition a cess of 22% or other rates on top of 28% GST applies on few items like aerated drinks, luxury cars and tobacco products . </P> <P> The tax came into effect from July 1, 2017 through the implementation of One Hundred and First Amendment of the Constitution of India by the Government of India . The tax replaced existing multiple cascading taxes levied by the central and state governments . The tax rates, rules and regulations are governed by the Goods and Services Tax Council which comprises finance ministers of centre and all the states . GST simplified a slew of indirect taxes with a unified tax and is therefore expected to dramatically reshape the country's 2 trillion dollar economy . </P>

What is the meaning of goods and service tax