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CONCEPT OF GST

HS Negi (Senior Executive- F&A) (590 Points)

19 September 2009

Dear All

What is the concept of GST whci is going to be start from 1st April 2010.

Regards

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2 Replies

Arun Kumar Singh (GST Advocate) (15220 Points)
Replied 19 September 2009

GST is a broad based and a single comprehensive tax levied on goods and services consumed in an economy. GST is levied at every stage of the production-distribution chain with applicable set offs in respect of the tax remitted at previous stages. It is basically a tax on final consumption. To put at a single place, GST may be defined as 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 may claim the input credit of tax which he has paid while purchasing the goods or procuring the service.