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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- .....

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ism, 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 dealer in the supply chain, with set-off .....

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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. Inpu .....

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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 setting-off ₹ 15 from his gross GST .....

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