What do you know about GST?

Question

Accepted Answer

GST stands for Goods and Services Tax. It is a comprehensive indirect tax levied on the supply of goods and services.

GST is a single tax that replaced multiple indirect taxes in India
It was implemented on July 1, 2017
GST has three components: Central GST (CGST), State GST (SGST), and Integrated GST (IGST)
It aims to simplify the tax structure, reduce tax evasion, and promote ease of doing business
GST is applicable to all stages of the supply chain, from manufacturing to consumption
It has different tax rates for different goods and services, such as 5%, 12%, 18%, and 28%
GST has led to the introduction of concepts like Input Tax Credit (ITC) and Reverse Charge Mechanism (RCM)
It has both online and offline mechanisms for tax payment and return filing
GST has had a significant impact on various sectors, including manufacturing, services, and e-commerce

Accepted Answer

GST means goods and service taxes

GST is used in India

in GST 5 different tax slabs for collection of tax 0%,5%,12%,18%,&28%