What is GST and what are its type?
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GST stands for Goods and Services Tax. It’s a unified indirect tax levied on the supply of goods and services in India, designed to replace multiple indirect taxes such as excise duty, service tax, VAT, and others. GST was implemented in India on July 1, 2017, with the aim of simplifying the tax evasion, and promoting ease of doing business.Here are the types of GST in India:
1. CGST (Central Goods and Services Tax): CGST is the portion of GST collected by the Central Government on intra-state supplies of goods and services. It is levied on the value of goods and services within a state and is governed by the Central Goods and Services Tax Act.
2. SGST (State Goods and Services Tax): SGST is the portion of GST collected by the State Government on intra-state supplies of goods and services. It is levied on the value of goods and services within a state and is governed by the State Goods and Services Tax Act.
3. IGST (Integrated Goods and Services Tax): IGST is the portion of GST collected by the Central Government on inter-state supplies of goods and services. It is levied on the value of goods and services moving from one state to another or imported into India and is governed by the Integrated Goods and Services Tax Act.
4. UTGST (Union Territory Goods and Services Tax): UTGST is similar to SGST but is applicable to the Union Territories of India. It is levied by the Union Territory Government on intra-union territory supplies of goods and services.
These types of GST work together to create a seamless and unified tax system across India, with the revenue being shared between the Central and State Governments based on the principles laid down by the GST Council.