Viva Composite Panel Interview Questions, Process, and Tips

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 worldwide.

• It replaces multiple indirect taxes like excise duty, service tax, VAT, etc.

• GST is designed to simplify the tax structure, reduce tax evasion, and promote economic growth.

• It is levied at each stage of the supply chain, but the burden is ult...read more

GST is calculated as a percentage of the value of goods or services being sold.

• GST is calculated by multiplying the value of goods or services by the applicable GST rate.

• The GST rate varies depending on the type of goods or services being sold.

• For example, the GST rate for essential goods like food and medicine is lower than that for luxury items like cars and jewelry.

• GST is added to the price of goods or services and ...read more