Characteristics of Goods And Services Tax (GST)
GST is a comprehensive
Indirect tax:
GST is a comprehensive indirect tax which
replaced all indirect taxes that were earlier
levied except custom duty, taxes on alcohol
for human consumption, taxes on petroleum
and taxes levied by Local Bodies.
GST is a value added tax:
GST is Value Added Tax because GST Paid (termed as Input GST) is
set off against GST collected (termed as output GST). As a results, GST is
levied on the incremental value of goods and/or services supplied (sold). For
example, goods purchased for Rs10,000 paying IGST @ 18%,i.e., Rs1800 are sold
for Rs 15,000 charging IGST @ 18%, i.e., Rs 2,700. Rs 1,800 paid at the time of
purchase is set off against Rs 2,700 charged at time of sale and balance Rs 900
is payable in the Government Account. In effect, GST is levied on differential
amount of sale and purchase, i.e. 5,000.
GST Paid is not Cost:
GST paid (Input GST) on purchases of goods and/or service is not a
cost for the purchaser but is an asset since it can be set off against GST
collected on sale of goods and/or services. Similarly, GST collected (Output
GST) on sale of goods and/or services is not an income of the seller but is a
liability and is payable in the government account after adjusting Input GST in
the prescribed order.
Uniform GST Rate on goods
and services across all states:
Every state and union territories have their own Goods and
Services Tax Acts. However, GST is levied on goods and/or Services supplied
(sold) under each classification at the same rate.
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Salary of a Qualified CMA
Salary of a Qualified CMA
Best Career Option After Class 12th
Best Career Option After Class 12th
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Why to choose career in "CMA" ?
The Reasons to Choose a Career in "CMA"
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