Discuss in detail the Concepts, Need and Advantages of GST.
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Goods and Services Tax (GST) is a comprehensive indirect tax levied on the supply of goods and services at each stage of the supply chain, from the manufacturer to the consumer. Introduced in India on July 1, 2017, GST replaced various indirect taxes such as central excise duty, service tax, VAT, and others. Let's discuss the concepts, need, and advantages of GST in detail:
Concepts of GST:
Need for GST:
Advantages of GST:
In conclusion, GST is a significant tax reform aimed at simplifying the indirect tax structure, promoting economic growth, and enhancing tax compliance. By creating a unified national market and streamlining tax administration, GST is expected to have far-reaching benefits for businesses, consumers, and the economy as a whole.