Goods and Services Tax
A destination-based tax on consumption levied at all stages from manufacture to final consumption, with credit of taxes paid at earlier stages available as setoff, so that only value addition is taxed.
This one is not written up yet
The definition above is the short version. A full explanation — how it works, a worked example and the exam traps — is still being written. In the meantime the chapter below covers it in context.
Written up from the same chapter
Where this is taught
Free preparation for NISM Series XVIRelated terms
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