🚀 Medial just raised $500k in Pre-Series A. Tap to read the announcement. 🎉

Download App

Home

Switch theme

Blog . Feedback . Privacy
Community Guidelines

Back to feeds

Hiral Jain

Stealth • 6m

Hey there, everyone! Today, we're diving into some key aspects of Gst to lay the groundwork for our discussion on illegal businesses. This knowledge will be crucial for what's coming up next. Today we will be learning about input and output Gst, Input Gst is the one which businesses pay while purchasing raw materials/ intermediary goods and output Gst is one which the business charges from customers upon sale and the difference between these two is paid to the government. Sounds messy right? Let's take an example A owns a shirt business and he purchases raw materials from B This year he purchased raw materials worth 100 and paid 10 as Gst. Later he manufactured shirts and sold them for 120 and collected 18₹ as tac, He would pay 8₹ to govt in the form of Gst and later on income tax on his profit i.e. ₹20. Byee!

14 replies14 likes

Replies (14)

Mohit Chourey

Stealth • 1m

As A GST and IT prectisioner , I can really say That your Explanation Skill iS OP . 👍

1 replies1 like

Shreyas Ramdasi

Stealth • 6m

Hey there! Today, we're delving into GST and its impact on businesses, which is crucial for understanding how illegal activities can affect this framework. Input GST is what businesses pay on raw materials, while output GST is charged to customers upon sale. The difference is paid to the government. For instance, in A's shirt business, he paid ₹10 as input GST on ₹100 of raw materials and collected ₹18 as output GST from selling shirts at ₹120. The ₹8 difference is what he owes the government. Understanding these dynamics helps us see how compliance or non-compliance can affect businesses and the economy

0 replies1 like

John Milton

Stealth • 6m

I haven't got the last part can you please make it ever more simple

1 replies1 like

Tushar Sharma

Stealth • 6m

Not from commerce background, aur sab uper se Gaya.. really sorry can you explain more simpler

3 replies1 like

Recommendations from Medial

AFFORDABLE TREND

Stealth • 20d

Attention GST taxpayers: November 30, 2024 is last day to claim pending input tax credit by filing GSTR 3B November 30, 2024, is the last date to claim any pending input tax credit (ITC) or amend any errors or omissions in compliance with the Goods

0 replies2 likes

durga prasad adigarla

Stealth • 6m

My name is Durga prasad and I'm from andhrapradesh. I'm currently working as an analyst in a start up company. I have a start up idea regarding local tiffin centres. In every local tiffin centre we see the workers waking up early in the morning to p

1 replies4 likes

LIKHITH

Stealth • 6m

Welcome to INTRIGUING INNOVATION 💡 EP=6 ●In this modified device, the old machine's input flatbed has been replaced by a slanting duct to ensure zero leakage of raw cotton hence reducing waste. ●To prevent cotton fibres from escaping via curtain

4 replies4 likes

Hiral Jain

Stealth • 5m

All eyes on Budget 2024-25 ACMA pitches the gov to increase capex and decrease Gst They said that the depreciation charger on PPE should be shifted from 15%-25% and the EVs manufacturing units urged to decrease Gst on EVs and components in order t

5 replies12 likes

Aurobindo Patra

Stealth • 7m

What is the output and explain

2 replies3 likes

Arin Agrawal

Stealth • 5m

How many of you know about India's largest B2B raw materials procurement and credit platform named 'OfBusiness'? Additional : Maybe I am something , someone or Somewhere in of business......

4 replies7 likes

vinayak agrawal

Stealth • 19d

Hello everyone, Currently I'm supplying raw materials to hotels, restaurant and Cafe in indore and to Vast my market I want a partner how can invest fund and also include in management

0 replies5 likes

Anonymous

Stealth • 2m

New Features for Quick Commerce Platforms 1. Business Account Setup: Create business account using GST number 2. Dark Store Deliveries: Fast product delivery from local dark stores. 3. Office Stationery: Access to essential office supplies. 4. House

1 replies3 likes

Gautam Ambani

Stealth • 8m

Aaj Ki Raat, Dhandhe Ki Baat Value Chain Analysis : It examines each step, from receiving materials to after-sales service, to identify value-adding activities of a Dhandha to know compitive advantage. It is divided into: Primary Activities: Inbo

8 replies20 likes

Sanskar

Stealth • 7m

"Ofbusiness" the company whose revenue is approx 2.5x the revenue of Zerodha, 2x the revenue of zomato and 5x the revenue of lenskart is the Amazon for Raw material procurement with a revenue of Rs 15,432 crore and a profit of Rs 463 crore in FY23. A

5 replies28 likes

Top Users