Re: What is Goods & Services ?

Mon Jan 07, 2019 3:08 pm

tax on tax results in hiking the prices of goods or services on GST

Mon Jan 07, 2019 3:08 pm

These taxes were imposed by the Centre and state differently according on GST

Mon Jan 07, 2019 3:09 pm

the Lists in The Constitution of India on GST

Mon Jan 07, 2019 3:09 pm

Now the new concept of GST

Mon Jan 07, 2019 3:10 pm

that the GST would be a single tax system which would be levied on GST

Mon Jan 07, 2019 3:10 pm

‘supply’ of goods and services and this tax

Mon Jan 07, 2019 3:11 pm

will be jointly imposed by the Centre on GST

Mon Jan 07, 2019 3:11 pm

the state with the recommendation of a Federal Institution on GST

Mon Jan 07, 2019 3:11 pm

Created which is the GST Council on GST

Mon Jan 07, 2019 3:12 pm

For example, suppose a person wants to buy a shirt on GST

Mon Jan 07, 2019 3:12 pm

Now in order to determine the price of the shirt on GST

Mon Jan 07, 2019 3:13 pm

We need to start from the very first step i.e. purchase of raw materialon GST

Mon Jan 07, 2019 3:13 pm

Raw material was purchased for say on GST

Mon Jan 07, 2019 3:14 pm

A value of Rs. 50 is added to it by the manufacturer on GST

Mon Jan 07, 2019 3:14 pm

This good is sold to wholesaler on GST

Mon Jan 07, 2019 3:14 pm

Now the wholesaler adds his margin on GST

Mon Jan 07, 2019 3:15 pm

it and sells it to the retailer on GST

Mon Jan 07, 2019 3:16 pm

Retailer then adds his margin on GST

Mon Jan 07, 2019 3:16 pm

sells this good to the consumer on GST

Mon Jan 07, 2019 3:17 pm

Hence the good costs on GST

Mon Jan 07, 2019 3:17 pm

Raw material was purchased for say on GST

Mon Jan 07, 2019 3:18 pm

A value of Rs. 50 is added to it by the manufacturer on GST

Mon Jan 07, 2019 3:18 pm

A value of Rs. 50 is added to it by the manufacturer on GST Mad

Mon Jan 07, 2019 3:19 pm

This good is sold to wholesaler on GST

Mon Jan 07, 2019 3:19 pm

already calculated on raw material ,so effective tax set aside at this stage is on GSt