What is GST Word

1. What is GST & Advantage,Components of GST What is GST? GST is an Indirect Tax. It is an overall tax structure covering the supply of goods and services. In the GST regime, significant indirect taxes like excise duty, service tax, VAT, CST, Luxury tax, entertainment tax, entry tax, etc. have been subsumed in the GST. It is a value-added tax levied on manufacture, sale, and consumption of goods & services. Need for GST in India Introduction of GST is considered as a significant reform in the Indirect Taxation of India because before the implementation of GST in India various taxes have to pay at every stage & differently collected by the central & state government. On the other hand, GST brings in Uniform tax laws & regulations across all the states covering diverse industries, and the taxes will be divided between the Central & state government based on the prescribed formula. Advantages of Goods & services tax Following are some of the points that help to explain the advantages of GST:       Same tax structure across the whole country making one Nation, One tax. Transparency in doing business. The burden of the tax will reduce due to seamless credit. It helps to mitigate Double taxation. Tax Structure will be simpler. More control over tax evaders helps in better administration. To Know More Read Our Blog- What Is GST You Also can Visit Our Website- iid.org.in