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INTERVIEW QUESTIONS
TAX
GOODS AND SERVICES TAX (GST)
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Question: What is the best outcome Customers can expect, in case of GST?
Answer: Customer can expect transparency as regards taxes levied. By way of illustration, today, a customer buying an IT hardware or consumer durable at a retail store is oblivious to the customs / excise duties built into the price. Further, given that GST seeks to eliminate cascading effect of taxes, in the medium to long run, GST should essentially result in price reduction with businesses opting to pass on tax efficiency to customers in the form of price reduction, subject of course to a reasonable GST rate being imposed on goods and services.
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Goods and Services Tax (GST) Interview Questions & Answers -
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Question:
What is the best outcome Customers can expect, in case of GST?
Answer:
Customer can expect transparency as regards taxes levied. By way of illustration, today, a customer buying an IT hardware or consumer durable at a retail store is oblivious to the customs / excise duties built into the price. Further, given that GST seeks to eliminate cascading effect of taxes, in the medium to long run, GST should essentially result in price reduction with businesses opting to pass on tax efficiency to customers in the form of price reduction, subject of course to a reasonable GST rate being imposed on goods and services. Source: CoolInterview.com
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Related Questions |
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Why is GST being opposed by states?
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How will the rules for administration of CGST and SGST be framed?
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How are the legislative steps being taken for CGST and SGST?
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Why does introduction of GST require a Constitutional Amendment?
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What is the rate structure proposed under GST?
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Which Central and State taxes are proposed to be subsumed under GST?
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How would a particular transaction of goods and services be taxed simultaneously under Central GST (CGST) and State GST (SGST)?
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Why is Dual GST required?
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What are the salient features of the proposed GST model?
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How will GST benefit the common consumers?
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How will GST benefit the small entrepreneurs and small traders?
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How will GST benefit the exporters?
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How will GST benefit industry, trade and agriculture?
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How can the burden of tax, in general, fall under GST?
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What is the justification of GST?
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What are the major features of the proposed payment procedures under GST?
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