Gst introduced in india 2017

What Is the Goods and Services Tax (GST)?

When was gst implemented in india

When was gst implemented in india

What is gst

Types of gst

When is gst applicable on services

Features of gst

The goods and services tax (GST) is a value-added tax (VAT) levied on most goods and services sold for domestic consumption. The GST is paid by consumers, but it is remitted to the government by the businesses selling the goods and services.

Critics point out, however, that the GST may disproportionately burden people whose self-reported income are in the lowest and middle income brackets, making it a regressive tax. These critics argue that GST can therefore exacerbate income inequality and contribute to social and economic disparities.

In order to address these concerns, some countries have introduced GST exemptions or reduced GST rates on essential goods and services, such as food and healthcare.

Advantages of gst

Others have implemented GST credits or rebates to help offset the impact of GST on lower income households.

Goods and services tax should not be confused with the generation-skipping trust, also abbreviated GST (and its related taxation, GSTT).