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GST ( Goods & Service tax ) is a comprehensive, multi-staged & destination based tax, levied at every stage of the product life-cycle.
GST will be levied at each of the value additions stage during the life cycle of the product. The monetary worth is added at each stage to achieve the final sale to the end customer.
For instance, If ‘R- Glucose’ biscuits are manufactured in ‘State ‘A’ and is sent to State ‘B’ for retail sales.Here the State ‘A’ will realise the revenue at the first two stages i.e Manufacturing & Wholesale and loose out revenue at the Retail & Final destination (Consumers) stage & instead State ‘B’ will realise the revenue at these stages. This is because value is added at the each stage.
Note:- I have changed my strategy from writing lengthier blogs to short blogs with info-graphics, as it’s been realised that readers would love to get into the core of the subject in a very quick & simpler way