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How GST works in India?

GST is a type of value-added tax and a proposed comprehensive indirect tax levy on manufacture, sale and consumption of goods as well as services at the national level. It will ease the trade and industry concerning the indirect tax system of the country. Only one indirect tax has to be paid by the trade and industry and all the other indirect taxes will be subsumed in GST. For more information about how GST works in India or regarding the latest GST updates visit Tax Guru.

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How GST works in India?

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  1. HowGSTworksin India? The goods and services tax (GST) is a value- added tax levied on most goods and services sold for domestic consumption. The GST is paid by consumers, but it is remitted to the government by the businesses selling the goods and services Thistax will besubstituteforallindirect taxleviedbystateandcentralgovernment. Integrated GST (IGST) – which will belevied byCentralGovernmentoninter-State supplyofgoodsandservices. Exportsanddirecttaxlikeincometax, corporatetaxandcapitalgaintaxwillnot beaffectedbyGST. GSTwouldapplytoallgoodsotherthan crudepetroleum, motorspirit, diesel, aviationturbinefuelandnaturalgas. Theproposedtaxsystemwilltakethe formof “dualGST” whichisconcurrently leviedbycentralandstategovernment - CGST, SGST, IGST. Togetmoreinformationabout howGSTworksinIndia checkoutTAXGuru. WWW.TAXGURU.IN

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