what is gst ? what is characteristics of gst
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Government Sale Tax is the expanded form of gst
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Answer:
Goods and Services Tax is an indirect tax used in India on the supply of goods and services. It is a comprehensive, multistage, destination-based tax: comprehensive because it has subsumed almost all the indirect taxes except a few state taxes
Explanation:
Subsuming of 17 taxes at Central/States level.
Consumption Based Tax.
One Tax rate across the country.
Taxable event – “Supply of Goods or Services”
No differentiation in Goods or Services.
Comprehensive tax on Goods & Services.
No tax on tax.
Free flow of credit.
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