WebGoods and Services Tax or GST is a broad-based consumption tax levied on the import of goods (collected by Singapore Customs), as well as nearly all supplies of goods and services in Singapore. In other countries, GST is known as the Value-Added Tax or VAT. GST exemptions apply to the provision of most financial services, the supply of digital ... WebFeb 19, 2024 · Answer: GST or Goods and Service Tax is an indirect or consumption-based tax imposed by the Indian Government on all the goods and services parties of a supply chain. GST is an Indirect Tax which has succeeded in many Indirect Taxes in India. The Goods and Service Tax Act was passed in the Parliament on 29th March 2024.
Goods and Services Tax (GST) - Toppr
WebMar 8, 2024 · The correct answer is Goods and Services Tax. Key Points. The Goods and Services Tax (GST) is a tax on goods and services.; It is an indirect tax that was implemented to replace a variety of other indirect taxes such as VAT, service tax, purchase tax, excise duty, and so on.; GST is a tax applied in India on the supply of certain goods … WebMar 12, 2024 · GST Interview Questions and How to Answer Them: GST is the major indirect tax reform. In other words by integrating the central and state government’s main indirect taxes. India introduced GST on the consumption of value-added tax. GST is the power at the expansion of economic activities. Undeniably, the GST course covers all the … totalgaz bouteille carburation
Which States have benefited the most from introduction of GST?
WebNov 24, 2024 · Answer: GST rates are decided keeping in mind the nature of needs, from basic needs to luxury needs. Question 13. What are the present slabs of GST? Answer: 5 %, 12 %, 18 % and 28 % are the present slabs of GST. 3. Answer the following questions in brief : Question 1. Explain any two special features of GST. Answer: The special … Web1. GST is a tax that subsumed a number of state and central indirect taxes. Discuss the statement and also share your view on, why GST is called as an Indirect tax. Further, list down any ten taxes being subsumed under GST Answer 1 Introduction. GST is an indirect tax imposed on every good all over the nation, making the country one whole ... WebJul 1, 2024 · Faster Growth in State Revenues : In the five years (2024-18 to 2024-22) since the introduction of GST, the overall resource growth for States was 14.8% per annum, versus an annual average growth rate of 9% between 2012 and 2015. Thus, States appear to … total gate marks