Question

what is the essential features of GST in India

Answer 1

1.Dual Goods and Service Tax                                                                        2.Inter-State Transactions and the IGST Mechanism.Destination-Based Consumption Tax                                                                                         3.Computation of GST on the basis of invoice credit method                         4.Payment of GST                                                                             
 5.Goods and Services Tax Network (GSTN)                                                      6.INPUT TAX CREDIT (ITC)  SET OFF                                                                 7.GST on Imports

Answer 2

Answer:

GST has been introduced as a single, unified tax reform. It has eliminated many existing indirect centre and state taxes like Central Value Added Tax, Special Additional Duty of Customs, Service Tax, and VAT and converted them into a single tax