FAQS ON GOODS AND SERVICES TAX (GST) - PART 2

GST is a destination-based tax that is levied on the value-added to goods and services.

GST has replaced multiple indirect taxes such as excise duty, service tax, and value-added tax (VAT).

GST has four tax slabs - 5%, 12%, 18%, and 28% - with essential goods and services taxed at lower rates.

GST registration is mandatory for businesses with an annual turnover of more than Rs. 20 lakhs (Rs. 10 lakhs for northeastern states).

GST returns must be filed monthly or quarterly, depending on the turnover of the business.

GST refunds can be claimed for excess tax paid or input tax credit (ITC) accumulated.

GST has simplified the tax system in India and reduced the cascading effect of taxes on goods and services.