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Question
What is GST? Write its advantages.
Answer in Brief
Solution
GST is a comprehensive indirect tax levied on the manufacture, sale, and consumption of goods as well as services.
Advantages of GST:
- Removing cascading tax effect.
- Single point tax.
- Higher threshold for registration.
- Composition scheme for small business.
- The online simpler procedure under GST.
- Defined treatment for e-commerce.
- Increased efficiency in logistics.
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