Question

What do you mean by Goods and Services Taxes?

Explain the concept of GST.

Answer 1

Goods and Services Tax (GST) is the tax imposed on the supply (consumption) of goods and services. It is a destination-based consumption tax collected on those value-added items at each stage of the supply chain.

Answer 2

GST is a single tax replacing all indirect taxes in the economy. It is a uniform tax across all parts of the country. 'One tax, one nation, one market' is the core feature of GST. The GST in India was introduced on July 1, 2017.

• It is a dual tax system, there are two components of GST (CGST and SGST) on a single transaction.
• It is a multistage tax; imposed on every stage of value addition.