Question

What does "GST" stand for?

• A. Goods and Service Transfer
• B. Good Service Tax
• C. Good Security Tax
• D. Goods and Services Tax

Answer 1

The correct option is D Goods and Services Tax

Goods and Services Tax is a comprehensive indirect tax which is to be levied on the manufacture, sale and consumption of goods and services in India. This is so far the biggest tax reform in the country. GST eliminates the cascading effect of taxes because it is taxed at every point of business and the input credit is available in the value chain.