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of <h1>Understanding GST: A Value-Added Tax System Minimizing Consumer Burden with Input Tax Credits at Each Supply Stage</h1> GST, or Goods and Services Tax, is a comprehensive tax levied on goods and services at each stage of the supply chain, from production to retail. It is applied only on value addition, with a mechanism allowing suppliers to set off GST paid on inputs against GST payable on outputs. This system ensures that the final consumer bears only the GST charged by the last dealer, minimizing the overall tax burden. For example, in a supply chain involving a manufacturer, wholesaler, and retailer, each pays GST on their value addition after setting off input tax credits, resulting in a lower cumulative tax impact.
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