What is GST?

Question

What is GST?

Accepted Answer

GST stands for Goods and Services Tax, a value-added tax levied on the supply of goods and services.

GST is a comprehensive indirect tax that has replaced many indirect taxes in India.
It is a destination-based tax, which means it is levied at the point of consumption.
GST has three components - CGST, SGST, and IGST.
It has simplified the tax structure and reduced the tax burden on businesses.
Example: A restaurant owner used to pay VAT on food items and service tax on the bill amount. With GST, they only need to pay a single tax on the total bill amount.

Accepted Answer

GST stands for Goods and Services Tax. It's a value-added tax levied on most goods and services sold for domestic consumption. It is a comprehensive indirect tax that has replaced various indirect taxes levied by the central and state governments in India. GST is designed to streamline the taxation process, eliminate the cascading effect of taxes, and create a unified market across the country. It is levied at every step of the production and distribution chain, with credit allowed for any tax paid on inputs acquired for use in making the supply.

Accepted Answer

GST stands for Goods and Services Tax. It's a value-added tax levied on most goods and services sold for domestic consumption. It is a comprehensive indirect tax that has replaced various indirect taxes levied by the central and state governments in India. GST is designed to streamline the taxation process, eliminate the cascading effect of taxes, and create a unified market across the country. It is levied at every step of the production and distribution chain, with credit allowed for any tax paid on inputs acquired for use in making the supply.