The conversation between human and AI assistant.
What exactly is GST, How will it benefit India?
That's interesting. How is GST different from the previous taxation system in India?
The previous taxation system in India was a complex web of indirect taxes, including VAT, excise duty, and service tax. GST replaces these taxes with a single tax, making tax compliance easier for businesses. It also eliminates tax barriers, leading to the smooth movement of goods across state borders. Overall, GST is simpler, more efficient, and more transparent than the previous taxation system in India.