Question

what are the features of GST​

Answer 1

The features of GST can be summarized as under:

Subsuming of 17 taxes at Central/States level.

Consumption Based Tax.

One Tax rate across the country.

Taxable event – “Supply of Goods or Services”

No differentiation in Goods or Services.

Comprehensive tax on Goods & Services.

No tax on tax.

Free flow of credit.

Answer 2

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· Statewise Registration for traders.

· GSTIN holder needs to keep all the records and should pay GST in time.

· Transparency in transactions.

· This tax system is simple and easy to understand .

· Removal of cascading effect of taxes hence the prices are controlled

· Increase in Quality of Goods and Services as they are globally competetive.

· Boost to ‘Make in India’ project.

· Technology driven tax system leads to speedy decisions.