Question 1 - What is Goods and Services Tax (GST)? - Faq On GST (2nd Edition) Dated 31.3.2017

1. Overview of Goods and Services Tax (GST) Q 1. What is Goods and Services Tax (GST)? Ans. It is a destination based tax on consumption of goods and services. It is proposed to be levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous stages available as setoff. In a nutshell, only value addition will be taxed and burden of tax is to be borne by the final consumer.