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Public Revenue — Economics STD 10 — Question

ICSE BoardEnglish MediumSTD 10EconomicsPublic Revenue2 Marks
Question
What do you mean by GST? When was it implemented?
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Answer

GST is a single tax replacing all indirect taxes in the economy. It is 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 from 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.

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