Question 1. What is GST? How does it work? Answer: GST is one indirect tax for the whole nation, which will make India one unified common market. GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer. Credits of input taxes paid at each stage will …
Previously, the export of services and goods was subject to a bevy of indirect taxes. Excise tax, customs duty, VAT, service tax, etc. was standard taxes charged from an exporter. Under the GST regime, all these taxes are subsumed into one. However, customs duty is an exemption and still levied on importers as usual. Currently, …