Question

What is GST? Write its advantages.

Answer 1

GST is a comprehensive indirect tax levied on the manufacture, sale, and consumption of goods as well as services.

Advantages of GST:

1. Removing cascading tax effect.
2. Single point tax.
3. Higher threshold for registration.
4. Composition scheme for small business.
5. The online simpler procedure under GST.
6. Defined treatment for e-commerce.
7. Increased efficiency in logistics.