Question

short note on goods service tax​

Answer 1

Answer:

Hey mate here is your answer:

GST is an Indirect Tax which has replaced many Indirect Taxes in India. The Goods and Service Tax Act was passed in the Parliament on 29th March 2017. The Act came into effect on 1st July 2017; Goods & Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that is levied on every value addition.

In simple words, Goods and Service Tax (GST) is an indirect tax levied on the supply of goods and services. This law has replaced many indirect tax laws that previously existed in India.

GST is one indirect tax for the entire country.

thank you :)

Answer 2

Explanation:

 The GST is one of the indirect taxes.

 The GST was passed in Parliament on 29 March 2017.

 The act came into effect on 1 July 2017.

 The motto is one nation, one market, one tax.

 The tax levied when a consumer buys a good or service.

i). State Goods and Service Tax (SGST):

Intra state (within the state) VAT/sales tax, purchase tax, entertainment tax,

luxury tax, lottery tax and state surcharge and cesses.

ii). Central Goods and Service Tax (CGST):

Intra state (within the state) Central Excise Duty, service tax, countervailing duty,

additional duty of customs, surcharge, education and secondary/higher

secondary cess.

iii). Integrated Goods and Service Tax (IGST):

Interstate there are four major GST rates: 5%, 12%, 18% and 28%. Almost all the necessities of life like vegetables and food grains are exempted

from this tax