Question

write the main features of goods and services tax​

Answer 1

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↝GST is known as the Goods and Services Tax.

↝ It is an indirect tax which has replaced many indirect taxes in India such as the excise duty, VAT, services tax, etc.

↝The Goods and Service Tax Act was passed in the Parliament on 29th March 2017 and came into effect on 1st July 2017.

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↝According to present concept, the tax is applied on manufacture and sale of goods or provision of services. But GST would be applicable on the supply of goods or services.

↝GST has mainly removed the cascading effect on the sale of goods and services. Removal of the cascading effect has impacted the cost of goods.

↝The GST will be applicable to all goods other than alcoholic liquor for human consumption and five petroleum products.

↝It would apply to all services barring a few to be specified.

1. The GST will replace the following taxes currently levied and collected by the Centre:
2. Central Excise Duty
3. Duties of Excise (Medicinal and Toilet Preparations)
4. Additional Duties of Excise (Goods of Special Importance)
5. Additional Duties of Excise (Textiles and Textile Products)
6. Additional Duties of Customs (commonly known as CVD)
7. Special Additional Duty of Customs (SAD)
8. Service Tax

Answer 2

Answer:

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