What is Goods and Services Tax?

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PG GOODS AND SERVICES TAX Note on What is Goods and Services Tax?, created by Hemant Goel on 20/04/2020.
Hemant Goel
Note by Hemant Goel, updated more than 1 year ago
Hemant Goel
Created by Hemant Goel almost 5 years ago
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GST is a indirect tax levied on the supply of goods and services.Goods & Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that is levied on every value addition.  the GST regime, the tax is levied at every point of sale. In the case of intra-state sales, Central GST and State GST are charged. Inter-state sales are chargeable to Integrated GST. 1. Multi-stage The following cases of multi-stage which are multiple change-of-hands an item goes through along its supply chain: from manufacture to final sale to the consumer. Let us consider the following case: Purchase of raw materials Production or manufacture Warehousing of finished goods Sale to wholesaler Sale of the product to the retailer Sale to the end consumer 2. Destination-Based Tax Consider goods manufactured in Maharashtra and are sold to the final consumer in Karnataka. Since Goods & Service Tax is levied at the point of consumption. So, the entire tax revenue will go to Karnataka and not Maharashtra.  

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