What is GST Bill or What does GST bill mean?
GST(Goods And Service Tax) is the one VAT(Value Added Tax) Which is applied on the Good and Services.Currently, Vat Applies only to objects but GST will be implemented on two levels.
2)State Level GST
After Applied it, The entire country will be transformed into an integrated market and Most of the indirect taxes.On a central level contains the central excise, service tax, some additional custom duty, and VAT.
At the State Level, GST Contains entertainment, luxury, lottery tax and electricity charges will be applied.
Benefits Of GST In India To Consumer?
Central Sales Taxes(CST) will end. Entry Fee and tax will be over. Prices will be decreased gradually because of only one tax is applied on the product instead of an individual tax.
The government will reduce the cost of tax collection.After the amendment of the GST Bill, GST rate has not been disclosed.In the most of the countries, It should be 14% to 16%.
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