How many taxes are removed by implementation of gst?
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Firstly I would like to say ,
What is GST ?
1. GST means Goods and Services Tax.
2. GST applies on few items like aerated drinks, luxury cars and tobacco products.
3. The Goods and Services Tax (GST) was finally launched and implemented on the midnight of 30 June 2017.
4. GST is a single on the supply of goods and services, from the manufacturer to the consumer.
5. It is an indirect tax for the whole nation, which will make India one unified common market.
Merits of GST
1. Now, there is only one tax , Under GST, there would be only one tax from the manufacturer to the consumer.
2. It will decrease the cost of collection of tax revenues of the Government, and will therefore, lead to higher revenue efficiency.
3. It will increase the competitiveness of Indian goods and services in the international market and give boost to Indian exports.
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Hopes this helps you !
What is GST ?
1. GST means Goods and Services Tax.
2. GST applies on few items like aerated drinks, luxury cars and tobacco products.
3. The Goods and Services Tax (GST) was finally launched and implemented on the midnight of 30 June 2017.
4. GST is a single on the supply of goods and services, from the manufacturer to the consumer.
5. It is an indirect tax for the whole nation, which will make India one unified common market.
Merits of GST
1. Now, there is only one tax , Under GST, there would be only one tax from the manufacturer to the consumer.
2. It will decrease the cost of collection of tax revenues of the Government, and will therefore, lead to higher revenue efficiency.
3. It will increase the competitiveness of Indian goods and services in the international market and give boost to Indian exports.
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Hopes this helps you !
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