WHAT IS GST?WHAT ARE IT'S USES
Answers
Hailed as one of the biggest tax reforms of the country, the Goods and Services Tax (GST) subsumes many indirect taxes which were imposed by Centre and State such as excise, VAT, and service tax. It is levied on both goods and services sold in the country
GST Day celebrated on July 1st every year: Let’s look back at how GST has done past one year-“One year of GST : A Look Back”
Any reform is bound to have advantages and disadvantages. In this article, we will talk about both the advantages and disadvantages of GST:
Uses of GST
- GST eliminates the cascading effect of tax
- Higher threshold for registration
- Composition scheme for small businesses
- Simple and easy online procedure
- The number of compliances is lesser
- Defined treatment for E-commerce operators
- Improved efficiency of logistics
- Unorganized sector is regulated under GST
Answer:
GST is a comprehensive indirect tax that was designed to bring the indirect taxation under one umbrella. More importantly, it is going to eliminate the cascading effect of tax that was evident earlier. Cascading tax effect can be best described as 'Tax on Tax'.
Explanation:
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