What type of tax is GST?

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Direct

Indirect

Both of the above

None of the above

answer is B.

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Detailed Solution

Goods and Services Tax, or GST, is an indirect tax levied on the exchange of goods and services. It is a multi-stage, destination-focused tax that is levied on every value addition and replaces a number of indirect taxes, such as the VAT, excise duty, service taxes, etc. CGST, SGST, and IGST are the types of GST that are currently used in India. This straightforward separation reduces indirect taxes by making it clear which supplies are interstate and which are intrastate. India divides the GST rate for a variety of goods and services into four brackets: 5% GST, 12% GST, 18% GST, and a 28 percent GST. The primary goal of this taxing scheme, which is applicable throughout India, is to reduce the cascading effect of other indirect taxes.

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Largest All India Test Series for JEE/NEET

Best Online Course for IIT JEE

Best Online Course for NEET

Best Online Course for CBSE