365 days of GST: A succinct on the indirect tax journey

Goods and Services Tax (GST), a One Nation One Tax concept, is an Indirect Tax that replaced a varied Indirect Taxes in India. On 29th March 2017, The Goods and Service Tax Act was finally passed. The Act was enforced and was implemented on July 1st, 2017.

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Input Tax Credit

At the time of paying tax on output, one can reduce the tax if they have paid on inputs and pay for the balance amount. This is called as Input Tax Credit.
For example, if you buy a product from a registered dealer, you will have to pay taxes on the purchase.

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