Need A Financial Product Forums Tax Savings What is the ?Goods and Services Tax’ (GST)?

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    What is the ?Goods and Services Tax’ (GST)?

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    Goods and Services Tax (GST) is a tax on goods and services with comprehensive and continuous chain of set-off benefits from the producer’s point as well as the service provider’s point up to the level of the retailer. It is mainly a tax only on value addition at each stage, and a supplier at each stage is allowed to set-off through a system of tax credit mechanism. The GST is then paid on the purchase of goods and services as available for set-off on GST to be paid on the supply of goods and services. Therefore, the final consumer will bear only the GST charged by the last dealer in the supply chain with set-off benefits at all previous stages.

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