GST
This query is : Resolved
11 September 2010
What is GST??
What is its impact??
What is its impact??
11 September 2010
Goods and Service Tax is a tax on goods and
services, which is leviable at each point of sale or provision of service, in which at the time of sale of goods or providing the services the seller or service provider can claim the input credit of tax which he has paid while purchasing the
goods or procuring the service.
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 burden of the tax because GST is an indirect tax and ultimate burden of the GST has to be taken by the last customer.
This is because they include GST in the price of the goods and services they sell and can claim credits for the most GST included in the price of goods and services they buy. The cost of GST is
borne by the final consumer, who can’t claim GST credits, i.e. input credit of the tax paid.
services, which is leviable at each point of sale or provision of service, in which at the time of sale of goods or providing the services the seller or service provider can claim the input credit of tax which he has paid while purchasing the
goods or procuring the service.
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 burden of the tax because GST is an indirect tax and ultimate burden of the GST has to be taken by the last customer.
This is because they include GST in the price of the goods and services they sell and can claim credits for the most GST included in the price of goods and services they buy. The cost of GST is
borne by the final consumer, who can’t claim GST credits, i.e. input credit of the tax paid.
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11 September 2010
For a bird's eye view see the link
http://www.iloveindia.com/finance/encyclopedia/goods-and-services-tax.html
http://www.iloveindia.com/finance/encyclopedia/goods-and-services-tax.html
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