what is gst ? what are Characteristics of gst?
Answers
ɢsᴛ sᴛᴀɴᴅs ғᴏʀ "ɢᴏᴏᴅs ᴀɴᴅ sᴇʀᴠɪᴄᴇs ᴛᴀx", ᴀɴᴅ ɪs ᴘʀᴏᴘᴏsᴇᴅ ᴛᴏ ʙᴇ ᴀ ᴄᴏᴍᴘʀᴇʜᴇɴsɪᴠᴇ ɪɴᴅɪʀᴇᴄᴛ ᴛᴀx ʟᴇᴠʏ ᴏɴ ᴛʜᴇ ᴍᴀɴᴜғᴀᴄᴛᴜʀᴇ, sᴀʟᴇ ᴀɴᴅ ᴄᴏɴsᴜᴍᴘᴛɪᴏɴ ᴏғ ɢᴏᴏᴅs ᴀs ᴡᴇʟʟ ᴀs sᴇʀᴠɪᴄᴇs ᴀᴛ ᴛʜᴇ ɴᴀᴛɪᴏɴᴀʟ ʟᴇᴠᴇʟ. ɪᴛ ᴡɪʟʟ ʀᴇᴘʟᴀᴄᴇ ᴀʟʟ ɪɴᴅɪʀᴇᴄᴛ ᴛᴀxᴇs ʟᴇᴠɪᴇᴅ ᴏɴ ɢᴏᴏᴅs ᴀɴᴅ sᴇʀᴠɪᴄᴇs ʙʏ ᴛʜᴇ ɪɴᴅɪᴀɴ ᴄᴇɴᴛʀᴀʟ ᴀɴᴅ sᴛᴀᴛᴇ ɢᴏᴠᴇʀɴᴍᴇɴᴛs.❤
GST, or Goods and Services Tax, is an indirect tax imposed on the supply of goods and services. It is a multi-stage, destination-oriented tax imposed on every value addition, which managed to replace multiple indirect taxes, including VAT, excise duty, service taxes, etc.
Goods and Service Tax (GST) is an upgraded version of Value Added Tax (VAT). GST is a consumption based tax and a comprehensive indirect tax which shall levy on the supply of goods and services. ... Under indirect tax ambit, we have Central Excise, Service Tax, Central Sales Tax, 31 VAT laws, Luxury tax, entry tax, etc.