Question

tell about GST in detail​

Answer 1

Explanation:

The goods and services tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption. The GST is paid by consumers, but it is remitted to the government by the businesses selling the goods and services. In effect, GST provides revenue for the government.

Answer 2

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✏ GST is an indirect tax introduced in India on 1st July 2017.

✏ GST is applied on goods and services at the place where final/actual consumption happens.

✏ It reduces the cost or essential products to the final consumer because of low tax rates. The main objective of GST is to eliminate excessive taxation.

✏ Most of the important indirect taxes of the centre and states are integrated under the GST.

✏ Types of GST:

1. Integrated Goods and Services Tax (IGST): It is collected by Central Government for inter-state transactions and imports.
2. State Goods and Services Tax (SGST): It is collected by State Government.
3. Central Goods and Services Tax (CGST): It is collected by Central Government.
4. Union Territory Goods and Services Tax (UTGST): It is collected by Union Territory Government.

✏ Example: If a goods or services is sold at Rs. 1,000 and the GST rate applicable is 20%,

then the net price calculated will be,

= 1,000 + (1,000× (20/100))

= Rs. (1,000 + 200 )

= Rs. 1200