what is TAX? Explain GST and value added TAX
Answers
Answer:
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.
Answer:
What is TAX?
A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer by a governmental organization in order to fund government spending and various public expenditures. A failure to pay, along with evasion of or resistance to taxation, is punishable by law.
Explain GST and value added TAX.
The introduction of GST, short for Goods and Services Tax, has overshadowed the indirect taxation system such as VAT, excise duty and service tax in India. ... VAT, short for value Added tax, is a state-level tax charged on the sale of goods immediately upon preparation of Sale Invoice or when the goods are moved for sale.