It’s Taxing!
- POSTED ON: 14 Jul, 2017
- TOTAL VIEWS: 895 Views
- POSTED BY: Bhavya Venkatesh
- ARTICLE POINTS: 100 Points
If you have noticed, grown-ups all around you must be talking about GST, a new tax that has been introduced in India.
Tax is an amount of money that you pay to the government for being able to enjoy facilities or buy something. Before the introduction of the Goods and Services Tax (GST), every state in the country had its own tax, which made things pretty complicated. With the introduction of GST, there will be only one tax across the country.
Under GST, there will be four different tax rates for different goods and services. These rates are 5%, 12%, 18% and 28%.
Try your hand at these exercises based on GST!
Great going!