GST Helpdesk   Subscription   Demo   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

What is GST? How does it work?

Question 2 - Draft-Bills-Reports - Frequently Asked Questions (FAQ) GST - Goods and Services Tax - Question 2 - Q 2: Ans: As already mentioned in answer to Question 1, GST is a tax on goods and services with comprehensive and continuous chain of set-off benefits from the producer's point and service provider's point upto the retailer's level. It is essentially a tax only on value addition at each stage, and a supplier at each stage is permitted to set-off, through a tax credit mechan .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ng 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 as GST paid on his inputs (i.e. Input Tax Credit) from gross GST of ₹ 13. The manufacturer sells the goods to the wholeseller. When the wholeseller sells the same goods after making value addition of (say), ₹ 20, he pays net GST of only ₹ 2, after setting-off of Input .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version