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BASIC CONCEPTS OF GST (PART-6)

Goods and Services Tax - GST - By: - Dr. Sanjiv Agarwal - Dated:- 10-2-2016 - How GST will work Generally, the dealers registered under GST (Manufacturers, Wholesalers and retailers and service providers) charge GST on the price of goods and services from their customers and claim credits for the GST included in the price of their own purchases of goods and services used by them. While GST is paid at each step in the supply chain of goods and services, the paying dealers don t actually bear the .....

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s and services. The supplier must deposit this amount of GST with the Government. Getting Credit of GST If the recipient of goods or services is a registered dealer (Manufacturers, Wholesalers and Retailers and Service Providers), he will normally be able to claim a credit for the amount of GST he has paid, provided he holds a proper tax invoice. This input tax credit is set off against any GST (Output), which the dealer charges on goods and services, which he supplies, to his customers. Ultimat .....

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ers, service providers, wholesalers and retailers. If a dealer is not registered, he normally cannot charge GST and cannot claim credit for the GST he pays and further cannot issue a tax invoice. Tax Period The tax period will have to be decided by the respective law and normally it is monthly and/or quarterly. On a particular tax period, which is applicable to the dealer concerned, the dealer has to deposit the tax if his output credit is more than the input credit after considering the opening .....

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paid for purchasing the raw material in this respect or GST paid on services used for providing such goods and services. Zero Rated Goods and Services Generally, export of goods and services are zero-rated and in that case the GST paid by the exporters of these goods and services is refunded. This is the basic difference between Zero rated goods and services and exempted goods and services. Tax Invoice Tax invoice is the basic and important document in the GST and a dealer registered under GST .....

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is of thresholds for goods and services prescribed for the States and the Centre Accounts and GST Credit The Central GST and State GST are to be paid to the accounts of the Centre and the States separately. It would have to be ensured that account-heads for all services and goods would have indication whether it relates to Central GST or State GST. Full input credit system would operate in parallel for the Central GST and the State GST. Taxes paid against the Central GST shall be allowed to be t .....

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