Question

What are the features of GST​

Answer 1

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GST - Good and Service tax.

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. It is “collected on value-added goods and services” at each transactional stage of the supply chain or process. Already several countries have adopted GST based VAT systems. In India, the GST came into effect from July 1, 2017.

Features of GST-

✡1>>Most of the important indirect taxes of the centre and states are integrated under the GST.

⚛2>> The GST proposes a four-tier rate structure.

2>> The GST proposes a four-tier rate structure.⚛3>>Under the GST, there is a differential tax structure.

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Answer 2

• no dispute between goods and services
• boost to make in India project
• Technology driven tax system leads to speedy decisions
• GSTIN holder needs to keep all the records and should pay GST in time
• State wise registration for traders

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