<p style="text-align:justify"><span style="font-size:14px">Below is an indicative illustration for levy and set-off of GST in three stages of the supply chain:</span></p>

<p style="text-align:justify">&nbsp;</p>

<table align="center" border="1" cellspacing="0" dir="ltr" style="width:900px">
	<thead>
		<tr>
			<th scope="col" style="border-color:black; vertical-align:top; width:129px">
			<div><span style="font-size:28px"><strong>Stage of supply chain</strong></span></div>
			</th>
			<th scope="col" style="vertical-align:top; width:133px">
			<div><span style="font-size:28px"><strong>Manufacturer</strong></span></div>
			</th>
			<th scope="col" style="vertical-align:top; width:126px">
			<div><span style="font-size:28px"><strong>Wholesaler</strong></span></div>
			</th>
			<th scope="col" style="vertical-align:top; width:117px">
			<div><span style="font-size:28px"><strong>Retailer</strong></span></div>
			</th>
		</tr>
	</thead>
	<tbody>
		<tr>
			<td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:129px">
			<div style="text-align:center"><span style="font-size:28px">Purchase value of input (INR) - - (A)</span></div>
			</td>
			<td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:133px">
			<div style="text-align:center"><span style="font-size:28px"><strong>100</strong></span></div>
			</td>
			<td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:126px">
			<div style="text-align:center"><span style="font-size:28px"><strong>150</strong></span></div>
			</td>
			<td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:117px">
			<div style="text-align:center"><span style="font-size:28px"><strong>175</strong></span></div>
			</td>
		</tr>
		<tr>
			<td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:129px">
			<div style="text-align:center"><span style="font-size:28px">Value addition (INR) - - (B)</span></div>
			</td>
			<td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:133px">
			<div style="text-align:center"><span style="font-size:28px"><strong>50</strong></span></div>
			</td>
			<td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:126px">
			<div style="text-align:center"><span style="font-size:28px"><strong>25</strong></span></div>
			</td>
			<td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:117px">
			<div style="text-align:center"><span style="font-size:28px"><strong>15</strong></span></div>
			</td>
		</tr>
		<tr>
			<td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:129px">
			<div style="text-align:center"><span style="font-size:28px">Sale value (INR) - - (C)</span></div>
			</td>
			<td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:133px">
			<div style="text-align:center"><span style="font-size:28px"><strong>150</strong></span></div>
			</td>
			<td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:126px">
			<div style="text-align:center"><span style="font-size:28px"><strong>175</strong></span></div>
			</td>
			<td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:117px">
			<div style="text-align:center"><span style="font-size:28px"><strong>190</strong></span></div>
			</td>
		</tr>
		<tr>
			<td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:129px">
			<div style="text-align:center"><span style="font-size:28px">Rate of GST - - (D)*</span></div>
			</td>
			<td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:133px">
			<div style="text-align:center"><span style="font-size:28px"><strong>18%</strong></span></div>
			</td>
			<td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:126px">
			<div style="text-align:center"><span style="font-size:28px"><strong>18%</strong></span></div>
			</td>
			<td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:117px">
			<div style="text-align:center"><span style="font-size:28px"><strong>18%</strong></span></div>
			</td>
		</tr>
		<tr>
			<td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:129px">
			<div style="text-align:center"><span style="font-size:28px">GST on output (INR) - - (E = C x D)</span></div>
			</td>
			<td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:133px">
			<div style="text-align:center"><span style="font-size:28px"><strong>27</strong></span></div>
			</td>
			<td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:126px">
			<div style="text-align:center"><span style="font-size:28px"><strong>31.5</strong></span></div>
			</td>
			<td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:117px">
			<div style="text-align:center"><span style="font-size:28px"><strong>34.2</strong></span></div>
			</td>
		</tr>
		<tr>
			<td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:129px">
			<div style="text-align:center"><span style="font-size:28px">GST on input (INR) - - (F = A x D)</span></div>
			</td>
			<td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:133px">
			<div style="text-align:center"><span style="font-size:28px"><strong>18</strong></span></div>
			</td>
			<td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:126px">
			<div style="text-align:center"><span style="font-size:28px"><strong>27</strong></span></div>
			</td>
			<td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:117px">
			<div style="text-align:center"><span style="font-size:28px"><strong>31.5</strong></span></div>
			</td>
		</tr>
		<tr>
			<td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:129px">
			<div style="text-align:center"><span style="font-size:28px">Net GST payable (i.e. tax on value addition) (INR) (G= E &ndash; F)<br />
			&nbsp;</span></div>
			</td>
			<td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:133px">
			<div style="text-align:center"><span style="font-size:28px"><strong>9</strong></span></div>
			</td>
			<td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:126px">
			<div style="text-align:center"><span style="font-size:28px"><strong>4.5</strong></span></div>
			</td>
			<td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:117px">
			<div style="text-align:center"><span style="font-size:28px"><strong>2.7</strong></span></div>
			</td>
		</tr>
	</tbody>
</table>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p style="margin-left:48px; text-align:justify"><span style="font-size:14px"><span style="background-color:white"><em><span style="color:#333333">*Note: It is assumed that the rate of tax is 18 per cent for calculation purpose.</span></em></span></span></p>