Question
Download Solution PDFGST stands for
This question was previously asked in
UP Police Constable 2024 Official Paper (Held On: 18th Feb 2024 Shift 1)
Answer (Detailed Solution Below)
Option 3 : Goods and Services Tax
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UP Police Constable हिंदी (मॉक टेस्ट)
20 Qs.
20 Marks
14 Mins
Detailed Solution
Download Solution PDFThe correct option is Goods and Service Tax.
Key Points
- GST stands for goods and service tax.
- GST is a tax that needs to be paid on the supply of goods & services. Any person, who is providing or supplying goods and services, is liable to charge GST.
- Key benefits of GST are:
- Easier tax compliance: Instead of having to deal with many different taxation laws and spending a lot of time in legal advise and compliance, businesses will need to pay GST only.
- GST has become a preferred global standard. All OECD countries, except the US, follows this taxation structure.
- It is estimated that GST can boost India's GDP by 1-2 percent.
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