Question

Can anyone explain what is GST easily?

Answer 1

$\textbf{HEY THERE!}$

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Goods and Services Tax or GST: GST is an indirect tax which was introduced in India on July 1 2017. It is applicable througout India and replaces multiple cascading taxes livied by central or state governments.

Under GST goods and services r taxed at the following rates, 0%, 5%, 12%, 18%, and 28%. The single GST replaced several former taxes and levies which includ: central excise duty, service tax, additional custom duty etc.

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Answer 2

GST goods and services tax is the biggest indirect taxes reform of India GST is a single tax on the supply of goods and services.it is a destination based tax GST has subsumed taxes like centrral exercise law services tax law entry tax octroi etc .GST is one of the biggest indirect tax reform in the country .GST is expected to bring together state economic and improve overall economic growth of the nation