what is GST and what are the characteristics of GST
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GST-good service Tex
it occur tax on the service
it occur tax on the service
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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.Originally Answered: What are the features of GST?
What is GST: how the levy will be different?
GST is Goods and Services Tax:
a dual tax to be levied on the same taxable event by both the states and the union government.The taxable event will be ‘supply’ of goods or services.The states will levy the tax on such supplies of goods / services made within the state, while the union will levy the tax on inter-state supplies, but the state will collect it as in the present case of CST.Thus on each ‘supply’ of goods / services, there will be a state tax as well as a central tax. These will be called state GST and central GST respectively.There will be a single document for tax purposes, and a single return filed with a central registry, from which the information will be split between the center and the relevant states.
What is GST: how the levy will be different?
GST is Goods and Services Tax:
a dual tax to be levied on the same taxable event by both the states and the union government.The taxable event will be ‘supply’ of goods or services.The states will levy the tax on such supplies of goods / services made within the state, while the union will levy the tax on inter-state supplies, but the state will collect it as in the present case of CST.Thus on each ‘supply’ of goods / services, there will be a state tax as well as a central tax. These will be called state GST and central GST respectively.There will be a single document for tax purposes, and a single return filed with a central registry, from which the information will be split between the center and the relevant states.
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