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What is GST? Video Lecture | Goods and Services Tax (GST) - B Com
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FAQs on What is GST? Video Lecture - Goods and Services Tax (GST) - B Com
| 1. What is GST? |  |
Ans. GST stands for Goods and Services Tax. It is a comprehensive indirect tax levied on the supply of goods and services in India. It is implemented to replace multiple indirect taxes levied by the central and state governments, simplifying the taxation system.
| 2. What are the benefits of GST? | |
Ans. GST brings several benefits, including the elimination of cascading effects of taxes, seamless flow of goods across state borders, simplified tax compliance, reduction in tax evasion, and increased tax revenue for the government. It also promotes a common market in India, making it easier to do business across the country.
| 3. How does GST work? | |
Ans. GST works on the principle of value addition. It is charged at each stage of the supply chain, from the manufacturer to the consumer. The tax paid at each stage can be utilized as input tax credit by the recipient, resulting in the elimination of double taxation. This ensures that GST is a destination-based tax, with the final consumer bearing the tax burden.
| 4. What are the different types of GST? | |
Ans. There are three types of GST in India: Central Goods and Services Tax (CGST), State Goods and Services Tax (SGST), and Integrated Goods and Services Tax (IGST). CGST and SGST are levied by the central and state governments, respectively, on intra-state supplies of goods and services. IGST is levied on inter-state supplies and imported goods/services.
| 5. How to register for GST? | |
Ans. To register for GST, one needs to visit the GST portal and complete the registration process. The applicant needs to provide details such as PAN, mobile number, email address, and business information. Once the application is submitted, a GSTIN (Goods and Services Tax Identification Number) is issued, which is required to conduct business under the GST regime.
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Dec 23, 2024 Last updated |
Video Description: What is GST? for B Com 2024 is part of Goods and Services Tax (GST) preparation.
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