What is GST and taxation

Question

Accepted Answer

GST stands for Goods and Services Tax. It is a comprehensive indirect tax levied on the supply of goods and services.

GST is a single tax that replaced multiple indirect taxes in India.
It is a destination-based tax, meaning it is levied at the point of consumption.
GST has different tax rates for different goods and services, such as 5%, 12%, 18%, and 28%.
It aims to simplify the tax structure, eliminate cascading effect, and promote ease of doing business.
Taxation refers to the process of imposing taxes on individuals, businesses, or other entities to fund government expenses.
Taxation can be direct (income tax, property tax) or indirect (GST, sales tax).

Accepted Answer

Tax is when we pay tax on our income like salary rental income etc that’s call income tax. And When we pay goods and services on our business or any item purchase  that’s call a GST

What is GST and taxation

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