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GST is one tax for whole nation, which makes India one unified common market. GST is a single tax on the supply of goods and services. GST is a destination based tax which is levied only on value addition at each stage because credits of input taxes paid at procurement of inputs will be available. Thus, the final consumer will bear only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages.
There are currently three types of GST:
For example, if you sell something within the state, 50% of the GST will be CGST and 50% of the GST will be SGST. But when you sell something outside a state, 100% of it will be IGST which will go to the Central Government.
Previously, several taxes were levied on the same product that increased the price of the product. With the passing of GST, it will eliminate the tax on tax effect by providing credit for the taxes paid.
Instead of several different taxes being levied by state and central government, GST proposes to impose only one tax. GST will replace several hidden taxes that were imposed by state governments and it will improve ease of doing business.
All the compliances like registration, returns, payments, etc. under the GST system will have to be done online, which makes compliance under the GST system hassle-free and transparent.
GST will be charged at the manufacturing cost and collected at the point of sale, which means that the price will come down that will benefit the consumers. Once the prices come down, the consumption of consumers will increase which will benefit the companies.
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