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Home News Current Affairs National

What is GST? What do you need to learn about it?

October 9, 2020
in College+, High School, Money & Entrepreneurship, National
Reading Time: 12 mins read
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What is GST? What do you need to learn about it?

Goods and Service Tax

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GST stands for Goods and Services Tax, and its introduction in 2017 was a watershed in the history of Indian finance and economy. It took one and half a decade to come into existence since the task force (set by the former Prime Minister AB Vajpayee in 2003) mooted the idea of unification of a plethora of indirect taxes that were prevalent in India then. However, after prolonged deliberation and enactment, GST was rolled out on 1 July 2017 by Honourable Prime Minister Narendra Modi in the presence of Shri. Pranab Mukherjee, the then President of India in a mid-night function at the Central Hall of Parliament of India. Thus, the idea “One Nation, One Tax” is fulfilled.

Characteristics of GST

Goods and Services Tax is a multifaceted, and it is comprehensive destination-based taxation where tax is levied only on the value addition of every stage of goods and services.

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Citations :

Skillioma (April 13, 2021) What is GST? What do you need to learn about it?. Retrieved from https://www.skillioma.com/what-is-gst-what-do-you-need-to-learn-about-it/.
"What is GST? What do you need to learn about it?." Skillioma - April 13, 2021, https://www.skillioma.com/what-is-gst-what-do-you-need-to-learn-about-it/
"What is GST? What do you need to learn about it?." Skillioma - Accessed April 13, 2021. https://www.skillioma.com/what-is-gst-what-do-you-need-to-learn-about-it/
Skillioma May 10, 2020 What is GST? What do you need to learn about it?., viewed April 13, 2021,<https://www.skillioma.com/what-is-gst-what-do-you-need-to-learn-about-it/>
Skillioma - What is GST? What do you need to learn about it?. [Internet]. [Accessed April 13, 2021]. Available from: https://www.skillioma.com/what-is-gst-what-do-you-need-to-learn-about-it/
"What is GST? What do you need to learn about it?." Skillioma [Online]. Available: https://www.skillioma.com/what-is-gst-what-do-you-need-to-learn-about-it/. [Accessed: April 13, 2021]

 

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