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What kind of tax is GST in India?
Goods and Services Tax, India GST for short is a tax based on the consumption of goods or services across India. GST is an indirect tax that has replaced previous indirect taxes. Direct taxes such as income tax, corporate tax etc. are not affected by GST.
Which is the most significant aspect of GST?
The most significant aspect of GST is that, it follows a uniform tax rule for specific products, throughout India. The GST is a uniform indirect tax which has replaced all central and state indirect taxes, treating whole of India as a single market. Goods and Services Tax (GST) is also levied on imported goods.
How does the goods and Services Tax ( GST ) work?
Goods and Services Tax (GST) is a reformatory legislation which is a single tax on the supply of goods and services, right from the manufacturer to the consumer. Credits of input taxes paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage.
Can a student write an essay on GST?
In many schools, students are asked to write an Essay on GST. Many students often struggles, while few of them get confused to write a descriptive essay on GST ( Goods and Service Tax ). In this post, we had provided detailed information about Goods and Services Tax (GST), types of GST, how does it work.
Last Update: Oct 2021
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