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What is GST? How does it work?

Question 2 - Draft-Bills-Reports - Frequently Asked Questions (FAQ) GST - FAQ [OLD] on Goods and Services Tax (GST) - (December 2015) - Question 2 - Q 2: Ans: As already mentioned in answer to Question 1, GST is a tax on goods and services with compr .....

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set-off, through a tax credit mechanism, the GST paid on the purchase of goods and services as available for set-off on the GST to be paid on the supply of goods 32 and services. The final consumer will thus bear only the GST charged by the last dea .....

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te is 10%, with the manufacturer making value addition of ₹ 30 on his purchases worth ₹ 100 of input of goods and services used in the manufacturing process. The manufacturer will then pay net GST of ₹ 3 after setting-off ₹ 10 .....

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₹ 2, after setting-off of Input Tax Credit of ₹ 13 from the gross GST of ₹ 15 to the manufacturer. Similarly, when a retailer sells the same goods after a value addition of (say) ₹ 10, he pays net GST of only Re.1, after setti .....

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