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Hiral Jain

CA inter • 1y

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 Replies

Replies (14)

Tushar Sharma

Be real Be you. • 1y

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

3 Replies

Mohit Chourey

Practising GST and I... • 1y

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

1 Reply

John Milton

Cultivating Ideas, H... • 1y

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

1 Reply

Shreyas Ramdasi

Mechanical Engineer • 1y

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

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