What is GST? How does it work?
GST is one indirect tax for the whole nation, which will make India one unified common market. GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer. Credits of input taxes paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage. The final consumer will thus bear only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages. Source: Government FAQ Which taxes at the Centre and State level are being subsumed into GST? At the Central level, the following taxes are being subsumed: a. Central Excise Duty b. Additional Excise Duty c. Service Tax d. Additional Customs Duty commonly known as Countervailing Duty e. Special Additional Duty of Customs At the State level, the following taxes are being subsumed: a. Subsuming of State Value Added Tax/Sales Tax b. Entertainment Tax (ot...






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