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- GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer.
- It is comprehensive in nature and applied all over India.
- The main aim of this taxation system is to curb the cascading effect of other Indirect taxes.
- Goods and Services Tax (GST) is a single tax system.
- Its imposition takes place jointly by the center and the state.
- The imposition happens with the recommendation of a federal council.
- In GST, the goods and services are divided into five different tax slabs.
- The five tax slabs are 0%, 5%, 12%, 18% and 28% under GST.
- It brings uniformity in the taxation process.
- It has led to creation of a single national market, common tax base and common tax laws for the Centre and States.
