what are the importance of goods and service tax
Answers
Explanation:
GST is expected to bring together state economies and improve overall economic growth of the nation. GST is a comprehensive indirect tax levy on manufacture, sale and consumption of goods as well as services at the national level. It will replace all indirect taxes levied on goods and services by states and Central.
Answer:
Service Tax is a tax on services provided. It is one of the indirect taxes and the service provider can recover the tax from the service receiver. The basic objective of service tax is broadening the tax base, augmentation of revenue and larger participation of citizens in the economic development of the nation.
In economics, goods are materials that satisfy human wants and provide utility, for example, to a consumer making a purchase of a satisfying product. A good may be a consumable item that is useful to people but scarce in relation to its demand, so that human effort is required to obtain it.