How gst works with example
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Advantages of gst!
What is GST? Types, Features, Benefits, Input Tax Credit, GST Council
The Goods and Services Tax or GST is a single, indirect tax that integrates all indirect taxes within the Indian economy.
The GST Act was passed on 29th March 2017 in the Parliament of India and came into effect on 1st July 2017. The idea behind it was to replace multiple layers of taxation with one tax (GST). It has replaced 17 indirect taxes (9 State-level taxes and 8 Central level taxes) and 23 cesses of the States and Centres that existed earlier, including Central excise duty, Service tax, Value Added Tax (VAT), Luxury Tax, etc.
The aim behind implementing the GST Act was ‘One Nation and One Tax’.
Types of gst
When GST was implemented, 1300 goods and 500 services were taken into consideration.
GST is a destination-based consumption tax as it is charged at every stage, wherever some value is added to the goods or services, and the supplier of the good or service off-sets the charge on its inputs of the previous stages.
The charge is offset through the tax credit mechanism. Ultimately, the last dea
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