Goods and Services Tax

Direct Taxes are those that are levied on the income of individuals or organizations. They include income tax and corporate tax.

Indirect taxes are those that are paid by consumers or organizations when they buy goods or services or both.

A dealer is a person who buys goods/services for resale.

The price at which a trader buys his goods is termed as cost price (C.P) or basic price.

The price marked on the commodity is called marked price (M.P). List price is also known as marked price, printed price, quoted price, etc.

In order to sell out the old stock or for some other reason shopkeepers offer a certain percentage of the list price as a discount. This discount is always calculated on the list price.

Goods and Services Tax PDF

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