What are the key aspects of Goods and Services Tax (GST)?

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Key aspects of Goods and Services Tax (GST) include unified taxation system, input tax credit, and multiple tax rates.

Unified taxation system: GST replaces multiple indirect taxes with a single tax, making compliance easier for businesses.
Input tax credit: Businesses can claim credit for taxes paid on inputs, reducing the cascading effect of taxes.
Multiple tax rates: GST has different tax rates for different goods and services, such as 0%, 5%, 12%, 18%, and 28%.
Composition scheme: Small businesses with turnover below a certain threshold can opt for a simplified tax scheme under GST.
E-invoicing and GSTN: GSTN is the IT backbone of GST, facilitating online registration, return filing, and compliance.
Anti-profiteering measures: GST includes provisions to prevent businesses from unfairly profiting from tax rate changes.

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