GST — Uncovering the Unknown !!!

As we all know today is something different for all of us (Indians). Each and every one of us at Pan Stalls , General Store , Family Gatherings, College Lectures and Office meetings are talking only about GST.

But What exactly GST is and how it will affect the lives of Normal Indian Citizens.

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Q. What is GST ?

The General Service Taxation (GST) scheme known as the Goods and Services Tax (GST) is an indirect tax throughout India to replace taxes levied by the central and state governments.

— From Wikipedia

But now in simple language :

जीएसटी (GST), भारत के कर ढांचें में सुधार का एक बहुत बड़ा कदम है। वस्तु एंव सेवा कर (Goods and Service Tax) एक अप्रत्यक्ष कर कानून है (Indirect Tax) है। जीएसटी एक एकीकृत कर है जो वस्तुओं और सेवाओं दोनों पर लगेगा। जीएसटी लागू होने से पूरा देश,एकीकृत बाजार में तब्दील हो जाएगा और ज्यादातर अप्रत्यक्ष कर जैसे केंद्रीय उत्पाद शुल्क (Excise), सेवा कर (Service Tax), वैट (Vat), मनोरंजन, विलासिता, लॉटरी टैक्स आदि जीएसटी में समाहित हो जाएंगे। इससे पूरे भारत में एक ही प्रकार का अप्रत्यक्ष कर लगेगा.

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Q. I can’t understand it yet !!!

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 setoff benefits at all the previous stages.

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Q. Can you simplify this ?

If you want to understand this simplest concept in the most simplest way possible then do watch this video where Pallavi Joshi explaining the GST in as simple language as you get.

Otherwise if you have any CA friend or relative in your Family or Friend Circle, grab them and ask them to clarify your doubts.

Kudossss to Indian Government !!!