1
Question
Why is the GST identified with the ‘one nation one tax’ motto?
Open in App
Solution
Explanation:
Explain the main idea behind the GST. Mention different tax slabs under it.
Solution:
Earlier there were many indirect taxes like sales tax, VAT, octroi, entertainment tax, service tax and so on. With the launch of the Goods and Services Tax (GST) in July 2017, most of these taxes are now merged into it.
The idea is to have one single tax for the same commodities across the nation, hence the motto: One nation, one tax.
Under GST taxes are charged under four main slabs at 5%, 12%. 18%, 28%. If it is a basic good like edible oil or pulses a 5% tax is charged. If it is a luxurious good like cars and laptops then 25% tax is imposed.
Explain the main idea behind the GST. Mention different tax slabs under it.
Solution:
Earlier there were many indirect taxes like sales tax, VAT, octroi, entertainment tax, service tax and so on. With the launch of the Goods and Services Tax (GST) in July 2017, most of these taxes are now merged into it.
The idea is to have one single tax for the same commodities across the nation, hence the motto: One nation, one tax.
Under GST taxes are charged under four main slabs at 5%, 12%. 18%, 28%. If it is a basic good like edible oil or pulses a 5% tax is charged. If it is a luxurious good like cars and laptops then 25% tax is imposed.
Suggest Corrections
0
Similar questions
Join BYJU'S Learning Program
Explore more
Join BYJU'S Learning Program
