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what do you mean by GST?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

what do you mean by GST? What are the benefits of GST?

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

The Goods and Service Tax (GST) is a Value Added Tax (VAT) to be implemented in India, from April 2016.GST stands for “Goods and Services Tax”, and is proposed to be a comprehensive indirect tax levy on manufacture, sale and consumption of goods as well as services at the national level. GST (Goods and Service Tax). The reformists believe that GST is one of the most awaited law which upon introduced will boost the economic growth in the country. Today, one pays Excise Duty of 12%, VAT of 14% on goods (totaling to 26%),12% service tax on services. So, the rates for GST may be anywhere between 12% and 26%. The average worldwide GST rate is around 18%. For further details and other informative blogs do visit www.higrit.com

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