What is GST?
GST is one indirect tax for the whole nation, which is designed to turn India into a common unified market for taxation purposes.
What do you mean by GST?
- GST or Goods and Services Tax is a single tax on the supply of goods and services, right from the manufacturer to the consumer.
- Before the introduction of GST, there were multiple taxes at each level. Now with GST, the tax is only applicable on the value addition that takes place at each level of production or provision of services.
- With GST, you as the final consumer, avoid the hassle of paying multiple layers of tax on the same service or goods.
How does GST affect me?
The final consumer bears only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages. For the financial market sector, the GST is fixed at 18%.