Question

what is GST ? and tell 5 features .

Answer 1

GST is goods and services tax , it is an indirect tax charged on supply of goods and services within the boundaries of a country .

its feature is --

1. indirect tax .

2. charged on supply of goods as well as services .

3. it provides benefits of input credit for it reduce cascading effect .

5. combination of all indirect tax.

hope its helpful .

Answer 2

the goods and service tax , or GST is a major indirect tax reform introduced in india by integrating the major indirect taxes of the state and the centre . it is a comprehensive tax levied on manufacture , sales , and consumption goods and services . the GST is a destination based consumption tax made on value addition .

it main features are :

1) levy of tax - the state GST and central GST shall be levied on all the transactions of goods and services concurrently .

2) utilization of levy - levies of state GST and central GST shall form part of state and the centre respectively and no cross utilization should be allowed .

3) availability of tax credits - in respect of taxes paid on any supply of goods or services or both ued or intended to be used in course business .

4) destination based tax - the GST is a destination based tax on consumption of goods and services . hence the credit of SGST shall be transferred to destination state in the form of integrated GST .

5) composition scheme - the GST laws will provide a composition scheme for small dealers ( presently , turnover of 75 lakhs )