Input GST | GST
Input GST is the GST which is applied on purchase of goods or services. For example if the CGST is 10% and SGCT is 8% than for a purchase of Rs. 10,000/-, the total will be as
Price = Rs. 10,000/-
SGST – 800/-
CGST = 1000/-
Total amount = 11,800/-
What is GST?
GST Tax or Goods and Services Tax, is a tax which combines various indirect taxes being charged by Central and State governments, which resulted in multiple receipts/payment/compliance being needed for multi-state business.
GST is a comprehensive indirect tax on manufacture, sale and consumption of goods and services throughout India (Except state of Jammu and Kashmir), to replace taxes levied by the central and state governments.
It is levied on both goods and services. The main aim of GST is to centralize taxation for businesses so as to relieve them of burden of compliance and better manage their cash and finances.