PURPOSE OF GST IN INDIA
The Goods and Service Tax (GST) is a comprehensive value added Tax on the supply of Goods and services. GST will replace all the indirect taxes (like Excise duty, VAT, CST etc.) levied on goods and services by Government once it is implemented.
What is GST tax in India with example?
GST is goods and services tax, it is indirect form of tax. The rates of GST are 28%, 18%, 12%, and 5%. It is levy on manufacture, sale and consumption of goods and services at the national level. It will replace all indirect tax levied on goods and services by the Indian state and Central governments.
What is GST and types of GST?
Introduction to GST and its 3 types- CGST, SGST, IGST AND UTGST are effectively supporting such major economic development programs. GST stands for Goods and Services Tax. ... It will subsume multiple taxes like VAT, Service Tax, CST, excise and additional excise duty, entertainment and luxury tax, etc.
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