What you know about gst

Question

Accepted Answer

GST stands for Goods and Services Tax. It is a consumption-based tax levied on the supply of goods and services.

GST is an indirect tax system implemented in many countries, including India, Canada, and Australia.
It replaces multiple indirect taxes like excise duty, service tax, and VAT.
GST is levied at each stage of the supply chain, but the tax burden is ultimately borne by the end consumer.
It aims to simplify the tax structure, reduce tax evasion, and promote a common market.
There are different GST rates for different goods and services, such as 5%, 12%, 18%, and 28% in India.
GST returns need to be filed periodically to report the details of sales, purchases, and tax paid.
Input Tax Credit (ITC) allows businesses to claim credit for the GST paid on inputs used in the production of goods or services.
GST has both advantages and challenges for businesses, including increased compliance requirements and potential cost savings.

Accepted Answer

Gst means good and services tax
It is an indirect tax imposed on goods and services

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