Write five features of Goods and Service Tax. [Answer Limit: 125 words] [UKPSC 2016]
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Daily Answer Writing Practice Questions (1 April 2025)
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The GST is an indirect tax comprehensive, multi-stage, destination-based tax that is repeated at each stage of production. Five Key Features of GST:
One Nation, One Tax: These two words summarize the crux of GST.
Input Tax Credit: Businesses can claim credit for tax paid on inputs, thus avoiding the cascading effect of taxes and reducing the overall tax burden.
GST is destination-based consumption tax i.e., it is levied on the consumption of goods and services.
GST on Small Traders and Threshold Exemption: As a Complete relief for small scale enterprise, Small Enterprise and Business with turnover below the specified limits are exempt from GST.
There is transaction log of the data through e-filing and e-payment: Registration, return filing and tax payment is available online.