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what is GST?
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what is GST? Related: Chapter Notes - Ledger and Trial Balance - Acco...
GST is an Indirect Tax which has replaced many Indirect Taxes in India. The Goods and Service Tax Act was passed in the Parliament on 29th March 2017. The Act came into effect on 1st July 2017; Goods & Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that is levied on every value addition.
In simple words, Goods and Service Tax (GST) is an indirect tax levied on the supply of goods and services. This law has replaced many indirect tax laws that previously existed in India.
GST is one indirect tax for the entire country.
So, before Goods and Service Tax, the pattern of tax levy was as follows:
GST
Under the GST regime, the tax will be levied at every point of sale. In case of intra-state sales, Central GST and State GST will be charged. Inter-state sales will be chargeable to Integrated GST.
In simple words, Goods and Service Tax (GST) is an indirect tax levied on the supply of goods and services. This law has replaced many indirect tax laws that previously existed in India.
GST is one indirect tax for the entire country.
So, before Goods and Service Tax, the pattern of tax levy was as follows:
GST
Under the GST regime, the tax will be levied at every point of sale. In case of intra-state sales, Central GST and State GST will be charged. Inter-state sales will be chargeable to Integrated GST.
Community Answer
what is GST? Related: Chapter Notes - Ledger and Trial Balance - Acco...
GST is an indirect tax on supply of goods and services or both except alcoholic liquor petroleum and natural gases cured petrol with ATF.
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what is GST? Related: Chapter Notes - Ledger and Trial Balance - Accountancy, Class 11
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what is GST? Related: Chapter Notes - Ledger and Trial Balance - Accountancy, Class 11 for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about what is GST? Related: Chapter Notes - Ledger and Trial Balance - Accountancy, Class 11 covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for what is GST? Related: Chapter Notes - Ledger and Trial Balance - Accountancy, Class 11.
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