Question

With the advent of GST, we have moved from a source based to a Consumption Destination Both (a) & (b) Nether​

Answer 1

Answer:

The Goods and Services Tax (GST) is significantly different from the early tax system as it is a destination-based tax.

Basically a tax can either be origin based or destination based. Origin based tax or production tax is levied where goods or services are produced. Destination based tax or consumption tax are levied where goods and services are consumed.

In destination-based taxation, exports are allowed with zero taxes whereas imports are taxed on par with the domestic production.

Explanation:

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Answer 2

Answer:

yes

Explanation:

A. assets for the period will be overstated

B. liabilities for the period will be understated

C. expenses for the period will be overstated

D. owner's equity for the period will be understated