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Question
GST is proposed to be levied at all stages right from _____________ up to the final consumption.
GST is proposed to be levied at all stages right from _____________ up to the final consumption.
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Solution
The correct option is C manufacturing
GST is a consumption based tax which is levied on the basis of “Destination principle.” The concept relates to taxing the supply of goods or services at the point of consumption. It is a comprehensive tax regime covering both goods and services, and is collected on value-added at each stage of the supply chain. The essence of GST is in removing the cascading effects i.e., tax on tax of both Central and State taxes by allowing setting-off of taxes throughout the value chain, right from the original producer and service provider’s point, up to the consumer level.
GST is a consumption based tax which is levied on the basis of “Destination principle.”
The concept relates to taxing the supply of goods or services at the point of consumption. It is a comprehensive tax regime covering both goods and services, and is collected on value-added at each stage of the supply chain.
The essence of GST is in removing the cascading effects i.e., tax on tax of both Central and State taxes by allowing setting-off of taxes throughout the value chain, right from the original producer and service provider’s point, up to the consumer level.
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