GOODS AND SERVICES TAX (GST) FAQS - PART 5

GST is a destination-based tax that is levied on the supply of 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 items taxed at lower rates.

GST registration is mandatory for businesses with an annual turnover of more than Rs. 20 lakhs.

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

GST input tax credit can be claimed on purchases made for business purposes.

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