Question

define GST???
and what r the slab rates of GST

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Answer 1

Answer:

The goods and services tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption. The GST is paid by consumers, but it is remitted to the government by the businesses selling the goods and services. In effect, GST provides revenue for the government.

The GST council has fitted over 1300 goods and 500 services under four tax slabs of 5%, 12%, 18% and 28% under GST. This is aside the tax on gold that is kept at 3% and rough precious and semi-precious stones that are placed at a special rate of 0.25% under GST. 7% goods and services fall under this category.

Answer 2

Goods and Service Tax (GST) is an upgraded version of Value Added Tax (VAT). GST is a consumption based tax and a comprehensive indirect tax which shall levy on the supply of goods and services. ... Under indirect tax ambit, we have Central Excise, Service Tax, Central Sales Tax, 31 VAT laws, Luxury tax, entry tax, etc.

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