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Ashutosh Mishra

Chartered Accountant • 1y

GST Thread 2 What GST brings along with it - 1. Value added tax and no cascading of taxes - GST is only on the value added by the manufacturer and being a value added tax at each stage it avoids double taxation Example - If I purchase plastic from the manufacturer for ₹100 +10 tax for making bottles. And the expense I did to make bottle from the plastic is ₹70. Then I have to pay 7 as taxes on the 70 valued added. Not on the whole 180(100+10+70) which would have been 18. 2. Continous chain of credit - GST offers Input tax credit (ITC) at each stage for the purchases. In the above example. Total sales- 170+17 taxes wherein 10 would have been available to the seller as credit. Therefore, only 7 will be paid as taxes. 3. GST has subsumed various central taxes(Excise, Service tax, Sales tax,etc) and state taxes (entertainment tax,VAT,Luxury tax, etc). Though there are some indirect taxes which are still levied (Customs, Central excise on tobacco products, 5 petroleum products, etc.

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Great read before my GST paper😄🙌

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