ANS: GST (Goods and Services Tax) are the Goods and Service Tax. it was launched on 29th March 2017 in India And effect came from 1st July 2017. in whole Nation GST is an indirect tax, this makes India one unified common market in the GST.
we have to buy a product in any city in the same price.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. GST Law has replaced many indirect tax laws in India. In the GST Goods and services tax are high. It is a single tax on the supply goods and services, right from the manufacturer to the consumer.
1) – Removing cascading tax effect
2) – Higher threshold for registration
3) – Composition scheme for small business
4) – Online simpler procedure under GST
5) – Lesser compliances
6) – Defined treatment for E-commerce
7) – increased efficiency in logistics
8) – Regulating the unorganized sector
9) -GST will also help to build a transparent and corruption-free tax administration.
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