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One Nation One Tax
"One Nation, One Tax, One Market" refers to the Goods and Services Tax (GST) system implemented in India. It was introduced on July 1, 2017, and aimed to simplify the country's complex taxation structure. Here's a brief overview:
One Nation: GST unified India's previously fragmented tax system, which consisted of multiple indirect taxes levied by the central and state governments. With GST, there's a single tax applicable across the entire nation, promoting economic integration.
One Tax: GST replaced various indirect taxes like VAT, service tax, excise duty, and others with a single tax structure. It has multiple slabs (e.g., 5%, 12%, 18%, and 28%) to classify goods and services based on their nature and tax rates.
One Market: GST aims to create a seamless and unified national market. It eliminates state-level entry taxes and octroi, making it easier for businesses to operate across state borders. This fosters competition and reduces price disparities.
Overall, "One Nation, One Tax, One Market" through GST has simplified tax compliance, reduced corruption, and promoted economic growth by creating a more cohesive and uniform tax regime across India.
(new video)ITC PROBLEM
15 MARKS -
https://youtu.be/i3nhtM8nYj8
Types Of Supply- https://youtu.be/vl1NluIvSnc
Problems-
Value Of Supply: https://youtu.be/9oNL0bqqc48
Composition scheme of Supply- https://youtu.be/ic7w8WtgKKs
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ನಿಮ್ಮಾ COMMERCE KANNADIGA
(new video)ITC PROBLEM
15 MARKS -
https://youtu.be/i3nhtM8nYj8
Types Of Supply- https://youtu.be/vl1NluIvSnc
Problems-
Value Of Supply: https://youtu.be/9oNL0bqqc48
Composition scheme of Supply- https://youtu.be/ic7w8WtgKKs
subscribe- https://youtube.com/@nimmacommercekannadiga?si=QkLDChARWSKEdLjU
ನಿಮ್ಮಾ COMMERCE KANNADIGA
