GOODS & SERVICE TAX LAWS MODULE

Description

The goods and services tax (GST) is on goods and assistance sold nationally for consumption. The tax is retained in the final price and gets paid by customers on sale. And it is given to the country by the dealer. The GST gets taxed at a single rate across the nation.

GST is a single value-added tax on the diffusion of goods and services, right from the factory to the buyer. Credits of input taxes paid at each stage will be open in the next step of adding value which makes GST essentially a tax only on value addition. The final client will thus bear only the GST set by the prior dealer in the supply chain.