Question
What is GST?

Answer

Goods and Service Tax (GST) is an indirect tax levied at prescribed rate on every supply of goods and services except on petroleum and alcohol for human comsumption. Supply of goods means sale of goods and supply of services means rendering of services. It is a nation-wide tax seeking to unify several indirect taxes and is based on the principle of 'One Nation one Tax'.

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Similar questions

Journalise the following transaction in the Books of the M/s. Bhanu Traders and Post them into the Ledger.
December, 2017
 
1
Started business with cash
92,000
2
Deposited into bank
60,000
4
Bought goods on credit from Himani
40,000
6
Purchased goods from cash
20,000
8
Returned goods to Himani
4,000
10
Sold goods for cash
20,000
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Cheque given to Himani
36,000
17
Goods sold to M/s. Goyal Traders
3,50,000
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Drew cash from bank for personal use
2,000
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Goyal traders returned goods
3,500
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Cash deposited into bank
20,000
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Cheque received from Goyal Traders
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Goods given as charity
2,000
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Rent paid
3,000
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Salary paid
7,000
31
Office machine purchased for cash
3,000
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