GST

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GST

Meaning:

GST, or Goods and Services Tax, is defined as a single, unified indirect tax levied on the supply of goods and services throughout India. It replaced various taxes like VAT, service tax, and excise duty, promoting the idea of “One Nation, One Tax, One Market.” In simpler terms, GST is the tax you pay when you purchase goods or services.

Example:

For instance, if you buy a shirt for ₹1,000 and the GST is 12%, you will pay ₹1,120 in total.

How to understand GST:

GST simplifies the entire tax system, making it easier to understand.

It helps eliminate double taxation, where you pay tax on tax.

Importance of GST:

GST promotes ease of doing business and encourages a formal economy through digital records.

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Disclaimer

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GST

How to understand GST: GST simplifies the entire tax system, making it easier to understand. It helps eliminate double taxation, where you pay tax on tax. Importance of GST: GST promotes ease of doing business and encourages a formal economy through digital records.

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How to understand GST:

GST simplifies the entire tax system, making it easier to understand.

It helps eliminate double taxation, where you pay tax on tax.

Importance of GST:

GST promotes ease of doing business and encourages a formal economy through digital records.