What is the full form of GST in India?

How much debt is there in America

(A) Good Sevice Tax
(B) Goods and Sevice Tax
(C) Government Sevice Tax
(D) Goods and Sevice Taxes

Correct Answer : Goods and Sevice Tax
GST Full Form is Goods and Services Tax. GST as the biggest-ever tax reform in India, and it is predicted by the Economists that it could add 2 percent points of growth of India, the third-largest economy of Asia. GST aimed to make India a common market with common tax rates and procedures and remove the economic barriers thus paving the way for an integrated economy at the national level by subsuming most of the Central and State taxes into a single tax. GST is a destination based rex, It follows a multi-stage collection mechanism. In this, tax is collected at every stage and the credit of tax paid at the previous stage is available as a set off at the next stage of the transaction. This shifts the tax incidence near to the consumer and benefits the industry through better cash flows and better working capital management. Implementation of GST can surely be termed as a breakthrough reform for India's manufacturing sector. It will create a transformational shift from a complex, multi-layered and cascading indirect tax system to a single unified indirect tax system that permits tax set off across the value chain, both for goods and service
Useful Quotations for : Quiz Programme, Interview & Competitive Exams
Like The Facebook Page CurrentGK for Current Affairs, Latest GK & Employment News
Tags : GST
Always Ask Questions