What do you understand by GST? How good is a system of GST as compared to the old tax system? State its categories.
Download our app for free and get started
GST is the single comprehensive indirect tax" on supply of goods and services right from manufacturer or service provider to the consumer.
The system of GST as compared to the old tax system.
The system of GST as compared to the old tax system.
- Has simplified the multiplicity of taxes on goods and services.
- The laws, procedures and rates of taxes across the country are also now standardised.
- It has also facilitated the freedom of movement of goods and services.
- It has created a common market in the country.
- The two categories of GST are CGST and SGST.
Download our appand get started for free
Experience the future of education. Simply download our apps or reach out to us for more information. Let's shape the future of learning together!No signup needed.*
Similar Questions
- 1View SolutionGive the list of 'navaratna' companies.
- 2View SolutionDeepak argues that in the era of privatisation, there is no need for government intervention in education and health sectors. However, his friend Raju argues that education and health care services create social benefits and therefore there is a need for government intervention in education and health sectors. Decide with reasons, who is right?
- 3View SolutionWrite a brief note on International Bank for Reconstruction and Development (IBRD).
- 4View SolutionDistinguish between:
- Bilateral and multilateral trade.
- Tariff and Non-Tariff barriers.
- 5View SolutionWhat are the adverse effects of globalisation on the Indian economy?
- 6View SolutionCritically appraise the fiscal reforms initiated under NEP of 1991.
- 7View SolutionGive arguments against the economic reforms in 1991.
- 8View SolutionWhy were reforms introduced in India?
- 9View SolutionExplain the changing role of state in Indian economy since introduction of reforms.
- 10View SolutionHow is Siricilla Tragedy linked to Power Sector reforms?