Conversation between two friends about GST
Answers
Suresh: Hi Ramesh! How have you been?
Ramesh: I am fine. I have of late been reading about the Goods & Service Tax (GST).
Suresh: Me too. There are two levels right? I mean Central Government and State Government level.
Ramesh: Yes, It has made the cost of living really high for the common man.
Suresh: I agree. The price of almost everything has gone up drastically.
Ramesh: I hope the nation works out something in this regard soon.
Suresh: If not, it will soon become difficult to make both ends meet, with most of the earnings being spent on tax.
Anil: "Today I went to eat in a hotel and they charged me a little more. When I asked them they said it was because I had to pay the GST."
Ashok: "Yes, yesterday the same thing happened with me."
Anil: "Do you know what is the GST."
Ashok: "GST stands for Goods and Services Tax."
Anil: "When was it introduced in India?"
Ashok: "It was introduced on 1st July 2017."
Anil: "Actually, what is it?"
Ashok: "It is an indirect tax which is applicable throughout India. It is a value-added tax which is levied on most of the goods and services sold for domestic consumption."