ST stands for Goods and Services Tax. It is an Indirect tax which introduced to replacing a host of other Indirect taxes such as value added tax, service tax, purchase tax, excise duty, and so on. GST levied on the supply of certain goods and services in India. It is one tax that is applicable all over India.
prevents cascading of taxes by providing a comprehensive input tax credit mechanism across the entire supply chain. Such a seamless availability of Input Tax Credit across goods or services at every stage of supply will enable streamlining of business operations
Key Takeaways. The goods and services tax (GST) is a tax on goods and services sold domestically for consumption. The tax is included in the final price and paid by consumers at point of sale and passed to the government by the seller. The GST is a common tax used by the majority of countries globally.GST has reduced taxes on certain goods by 2% and others by 7.5%, such as smartphones and cars. GST brings uniformity in the taxation process and allows centralised registration.
Udemy offers a free GST certification course in a language that is easy to understand for beginners as well by CA Piyush Gupta. Although in the free version of the course there is no certification provided, you will still be able to learn quite a lot about GST, its calculation, and how to use it in daily life
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