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Question
Write short note on Goods and Service Tax.
Solution
Goods and Service Tax is defined as the tax levied when a consumer buys a good or service. That aims to replace all indirect taxes levied on goods and services by the Central and state governments. GST would eliminative the cascading effect of taxes on the production and distribution of goods and services. It is also a “one-point tax” unlike value-added tax (VAT), which was a multipoint tax.
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