What is Goods and Services Tax (GST)? What are its slabs? Is there any short- coming? [Answer Limit: 125 words] [UKPSC 2023]
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Goods and Services Tax (GST) is a comprehensive indirect tax implemented in India on July 1, 2017. It replaces multiple central and state taxes, creating a unified tax structure for goods and services to simplify compliance and reduce tax evasion.
GST has four main slabs: 5%, 12%, 18%, and 28%. Certain essential goods and services may also attract a zero rate.
However, GST has some shortcomings, such as complex compliance procedures that can burden small businesses. Additionally, the high tax rates on certain essential items have drawn criticism, and delays in the refund process can hinder cash flow for businesses. These issues continue to be areas for improvement in the GST framework.