How to differentiate Base year revenue with Input Tax Stock?
What is Base year revenue? How does Input Tax Stock work under GST regime? What are the difference between Base year revenue and Input Tax Stock?
Under GST system, the following information explains about Base year revenue and Input Tax Stock.
As per GST terms, Base year revenue means Subject to the provision of sub-sections (2), (3), (4), (5) and (6), the base year revenue for a State shall be the sum of the revenue collected by the State and the local bodies during the base year. Input Tax Stock means a significant reform in the field of indirect taxes in our country. Multiple taxes levied and collected by the Centre and States would be replaced by one tax called Goods and Services Tax (GST). GST is a multi-stage value added tax on consumption of goods or services or both.
The details about Base year revenue and Input Tax Stock with simple language from GST terms have been mentioned in this web blog separately. I suggest you to read these articles on Base year revenue and Input Tax Stock, so as to enable you to have a clear idea on these GST terms.
For your immediate reference, we give below web links on Base year revenue and Input Tax Stock separately below. You may kindly read the below links to know more about Input Tax Stock and Base year revenue.
Base year revenue under GST
Input Tax Stock under GST
The above information easily explains about Input Tax Stock and Base year revenue.
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