Question

explain the feature of goods and services tax​

Answer 1

Answer:

The Goods and Services Tax, or GST is a major indirect tax reform introduced in India by integrating the major indirect taxes of the centre and states. It is a comprehensive tax levied on the manufacture, sale, and consumption of goods and services. The GST is a destination based consumption tax made on value addition.

Explanation:

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Answer 2

Answer:

Features of GST:

• Subsuming of 17 taxes at Central/States level.
• Consumption Based Tax.
• One Tax rate across the country.
• Taxable event – “Supply of Goods or Services”
• No differentiation in Goods or Services
• Comprehensive tax on Goods & Services
• No tax on tax.
• Free flow of credit.
• Value Addition Tax at each stage.