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Basic Concept of GST - 1 Video Lecture | Goods and Services Tax (GST) - B Com
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FAQs on Basic Concept of GST - 1 Video Lecture - Goods and Services Tax (GST) - B Com
| 1. What is the basic concept of GST? |  |
Ans. The basic concept of GST, or Goods and Services Tax, is to replace multiple indirect taxes levied by the central and state governments with a single unified tax system. It aims to simplify the taxation process, reduce tax cascading, and create a common market for goods and services across the country.
| 2. How does GST work? | |
Ans. GST is a destination-based tax system where the tax is levied on the final consumption of goods and services. It is applicable at each stage of the supply chain, from the manufacturer to the consumer. GST is collected by businesses and remitted to the government, and input tax credits can be claimed for taxes paid on inputs used in the production or provision of goods and services.
| 3. What are the benefits of GST? | |
Ans. GST offers several benefits, including the elimination of cascading taxes, simplification of tax compliance, reduction in tax evasion, and creation of a unified national market. It also promotes ease of doing business by streamlining the tax structure, reducing logistics costs, and improving the competitiveness of Indian businesses both domestically and globally.
| 4. How does GST impact consumers? | |
Ans. GST has a direct impact on consumers as it brings transparency and accountability in the tax system, leading to a reduction in the overall tax burden. It aims to eliminate hidden taxes and reduce the cascading effect, resulting in lower prices for goods and services. However, the actual impact on consumers may vary depending on the specific goods and services they consume.
| 5. What are the different types of GST? | |
Ans. There are three types of GST in India: CGST (Central Goods and Services Tax), SGST (State Goods and Services Tax), and IGST (Integrated Goods and Services Tax). CGST and SGST are levied by the central and state governments, respectively, on intra-state supplies, while IGST is levied on inter-state supplies and imports. The revenue collected through GST is shared between the central and state governments.
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Dec 23, 2024 Last updated |
Video Description: Basic Concept of GST - 1 for B Com 2024 is part of Goods and Services Tax (GST) preparation.
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