Question

Explain with suitable example How Goods and Service Tax playing an important role in
economic development of our country.
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Answer 1

Answer:

Goods and Services Tax (GST) is expected to provide the much needed stimulant for economic growth in India by transforming the existing basis of indirect taxation towards free flow of goods and services within the economy and also eliminating the cascading effect of tax on tax. In view of the important role that India is expected to play in the world economy in the years to come, the expectation of GST being introduced is high not only within the country, but also in neighboring countries and in developed economies of the world.

Answer 2

$\underline\mathcal \purple{ Goods \: and \: service \: tax }$

Goods and Services Tax (GST) is an indirect tax (or consumption tax) used in India on the supply of goods and services. It is a comprehensive, multistage, destination-based tax: comprehensive because it has subsumed almost all the indirect taxes except a few state taxes.

$\bf\underline \green{ Example :- }$

GST can be calculated simply

by multiplying the Taxable amount by GST rate.

If CGST & SGST/UTGST is to be applied then CGST and SGST both amounts are

half of the total GST amount.

For example,

GST including amount is Rs. 525 and GST rate is 5%.

${\underline{\underline{\sf{ Hope \: this \: will \: help \: you }}}}$