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Which of the following is a benefit of GST?

Practice Questions

Q1
Which of the following is a benefit of GST?
  1. Elimination of double taxation
  2. Higher tax rates
  3. Complex compliance
  4. Increased prices for consumers

Questions & Step-by-Step Solutions

Which of the following is a benefit of GST?
  • Step 1: Understand what GST stands for. GST means Goods and Services Tax.
  • Step 2: Learn about double taxation. Double taxation happens when the same product or service is taxed more than once.
  • Step 3: Recognize that before GST, products could be taxed at multiple stages (like manufacturing and selling).
  • Step 4: Realize that GST combines these taxes into one single tax.
  • Step 5: Understand that by having only one tax (GST), it reduces confusion and makes it easier for businesses and consumers.
  • Step 6: Conclude that one of the main benefits of GST is that it eliminates double taxation, simplifying the tax process.
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