Question

Difference between GST and GDP

Answer 1

Well, GDP and GST are both concepts in economics just like a watermelon and a pizza are both foods.
GDP or Gross Domestic Product is a measure of the value of all final goods and services produced within the domestic territory of a country, within a specified time period, usually a year. GDP in layman terms is what we identify with output or income, the figure we do our growth calculations on, etc.
GST, or the Goods and Service Tax, is as, the name suggests, a tax. It is an indirect tax, meaning that it is not deducted directly from the income or wealth of an individual, but imposed on consumption of goods and services. It is a comprehensive indirect tax system that was introduced to replace several existing indirect taxes, primarily to make the system less prone to leakages in tax collection or double counting.

Answer 2

ANSWER :

GDP :- ( gross domestic products)

GDP is a measure of the value of all final goods and services produced within the domestic territory of a country, within a specified time period, usually a year. 

GST : ( good service and tax )

GST is suggested for our services only . The GST will bring about a qualitative change in the tax system by redistributing the burden of taxation equitably between manufacturing and services.

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