write a short note on GST.
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GST means'Goods And Services Tax'
It is an indirect tax that is introduced in India on 1st July 2017.
It will make India one unified common market.
GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer. Credits of input taxes paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage. The final consumer will thus bear only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages.
It is an indirect tax that is introduced in India on 1st July 2017.
It will make India one unified common market.
GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer. Credits of input taxes paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage. The final consumer will thus bear only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages.
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Answer:
*GST*
GST stands for goods and services tax . GST is an indirect tax which has replaced many indirect taxes in India.
the act came into effect on 1st July 2017 . GST is one nation one tax.
Explanation:
*GST RATES*
the government has proposed a 4-tier tax structure for all goods and services under the slabs -5% ,12%,18% and 28%. there is zero%tax imposed on items such as milk, sugar, salt , eggs, bread butter milk, curd, natural honey, fresh fruits and vegetables, jute , fresh meat, fish, chicken, stamps, judicial papers, printed books, newspaper, bangles, handloom etc.
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