ACCOUNTING PACKAGES TALLY (INCLUDING GST) NOTES
GST MEANING 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. In simple words, GST is a tax applicable to the value added to goods and services at each stage in the supply chain. There are four types of GST, namely, CGST, SGST, IGST, and UTGST . TERMINOLOGIES GST Goods and Services Tax, commonly known as GST, is a single, indirect, multi-stage, destination based consumption tax, which will replace almost all the existing Central and State taxes, including but not limited to CENVAT, Octroi, Sales Tax and Excise Duty etc. It is the one of the most common definitions of GST. It has replaced all existing direct and indirect, Central and State taxes, from 1st July, 2017. This is basic GST terminology, now there are other GST related terms...