FAQs on Goods and Services Tax (GST) by FM of India
Finance Ministry released today FAQ on GST along with working models on Dual GST Intra & Inter State. Dated : 3rd August, 2016
Question 1. What is GST? How does it work?
Answer: 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.
Download your copy here: GST_FAQ
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