Question

describe gst with one example​

Answer 1

Explanation:

GST is a consumption based tax levied on sale, manufacture and consumption on goods & services at a national level.The proposed tax system will take the form of “dual GST” which is concurrently levied by central and state government. This will comprise of: Central GST (CGST) which will be levied by Centre.

Answer 2

Answer:

Take apparel manufacturing as an example and 10% as the GST applicable. The manufacturer buys raw material worth INR 500 that is inclusive of the GST of INR 50 (10% of 500). He then adds his own value of INR 50 to the materials during the manufacturing process. This brings the gross value of the product to INR 550.