[ecis2016.org] We discuss the various types of levies under the Goods and Services Tax (GST) regime
GST types
There are three types of taxes under the GST against which tax payers can take credit.
You are reading: GST Types: All about CGST, SGST, IGST and UGST
Check out our guide on GST search and GST verification
CGST
The centre levies the CGST on intra-state supply of goods and services under the CGST Act. Note here that the state goods and services tax (SGST) will also be levied on the same supply but it will be governed by the state
[ecis2016.org] GST on construction and building materials
CGST full form
CGST full form is Central Goods and Services Tax.
SGST
Read also : Refund status of income tax: A guide to checking income tax refund status
States also levy the SGST on intra-state supply of goods and services under the SGST Act.
SGST full form
SGST full form is State Goods and Services Tax.
UGST
In case of union territories, this levy is known as UTGST. On the same supply, the centre will also levy CGST, governed by the CGST Act.
[ecis2016.org] A guide to the government’s GST login portal online services
UTGST full form
UTGST full form is Union Territory Goods and Services Tax.
IGST
Levied by centre on inter-state supply and import of goods and services, the IGST is governed by the IGST Act. It is applicable on export, as well as import of goods and services.
Also read: GST rates on maintenance charges of housing societies
IGST full form
IGST full form is Integrated Goods and Services Tax.
GST types: Premise
Read also : Fixed deposit calculators: What are FD calculators and how do they work?
With the introduction of the Goods and Services Tax (GST) regime in 2017, Indians were promised a uniform tax system, under a regime that subsumed over a dozen central and state taxes.
However, since India is primarily a federal state and the tax revenue from the supply of goods and services has to be proportionately shared between the centre and states, a three-tier tax system was introduced under the GST. Under this system, tax liabilities arise, based on the movement of the goods or services within or outside a state.
[ecis2016.org] Impact of GST on real estate and home buyers
Intra-state and inter-state GST
It is important to first understand the concepts of intra-state and inter-state supply of goods, to have clarity on the three types of GST and how they are levied.
Intra-state supply of goods or services: When the supply of goods or services takes place within a state, it is known as intra-state transaction. In other words, when the supplier and the buyer are from the same state, it would be known as intra-state supply. In such cases, the sellers collect and deposit two types of GST from the buyer, the central GST and the state GST.
Inter-state supply of goods or services: When the supply of goods or services takes place from one state to another, it is known as an inter-state transaction. In other words, when the supplier and the buyer are not from the same state, it would be known as inter-state supply. In such cases, sellers collect and deposit a type of GST from the buyer, known as the integrated GST.
[ecis2016.org] E way bill login: All you need to know
FAQs
How many types of GST in India?
There are three types of Goods and Services Tax (GST) in India.
What are the 3 types of GST?
The three types of GST are central GST (CGST), state GST (SGST) and integrated GST (IGST).
Source: https://ecis2016.org/.
Copyright belongs to: ecis2016.org
Source: https://ecis2016.org
Category: Must Knows