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What is GST? Goods And Services Tax Explained With Benefits & various

slabs of GST

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We also offer different blogs and articles on important topics, news, and information related to banking exams. In this article, the following topic ’GST’ from Banking section is explained.

GST

Question 1.What is GST? How does it work?

Goods and Services Tax (GST) is an indirect tax for the whole nation which was introduced in India on 1 July 2017 which will make India one unified common market. It will replace multiple cascading taxes levied by the central and state governments. It was introduced as the Constitution (one hundred and first amendment) Act, 2016. The GST is governed by a GST  Council and its Chairman is the Finance Minister of India.
GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer.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.

Question 2. What are the benefits of GST?

  • For Central and State Governments:
  • Simple and easy to administer
  • Better controls on leakage
  • Higher revenue efficiency

  • For the consumer:
  • Single and transparent tax proportionate to the value of goods and services
  • Relief in overall tax burden

  • For business and industry:
  • Easy compliance
  • Uniformity of tax rates and structures
  • Removal of cascading
  • Improved competitiveness
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