What are the key features of Goods and Services Tax (GST) in India

1. **Unified Tax System**: GST has replaced multiple indirect taxes with a single tax, streamlining the tax system in India. 2. **Input Tax Credit**: Businesses can claim credit for taxes paid on inputs, leading to the elimination of cascading tax effects. 3. **Destination-Based Tax**: Tax is levied at the point of consumption, promoting fair distribution among states. 4. **Wider Tax Base**: GST has expanded the tax base by including more businesses under its purview. 5. **Economic Growth**: By reducing tax evasion and improving compliance, GST has positively impacted the Indian economy by enhancing revenue collection. 6. **Simplified Compliance**: The online system and simplified processes have eased the compliance burden for businesses. 7. **Reduced Tax Rates**: GST aims to rationalize tax rates, making them more uniform across different industries.