What is GST – GST in India
GST in India – Goods and Services tax , It is a type of Indirect tax , In other words, Goods and Service Tax (GST) . It’s implement in 1 July 2017 . Taxes are those which we pay to government , and government used it for the people well faire .Their are 2 types of taxes – Direct or indirect .In Direct taxes – if our income is higher then the tax rate , then we have to pay income tax . ON the other hand indirect tax comes under sales of any Excise Duty, entertainment tax , service tax , Custom Duty ,Excise Duty , etc. Now all these taxes have been remove , and a single tax made. Their is no change in Direct tax.
Types of GST – GST in India
1. S- GST Goods And Service Tax
2. C- GST – Central Goods and Services Tax
3. I- GST – Integrated Goods and Services Tax
4. UT-GST – Union Territory Goods and Service Tax
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1. State Goods and Services Tax or SGST – GST in India
The State Goods and Services Tax or SGST is also tax under the GST. That is applicable within the same state transactions. The State tax apply by the state on the goods and services, that are purchase or sold within the state. It is govern by the SGST Act. The revenue earn through SGST is claim by the respective state government.
2. Central Goods and Services Tax or CGST -: GST in India
The Central Goods and Services Tax is a tax comes under the GST that is applicable within the same state transactions. It’s collect by the Central Government, then this tax is applicable on the transaction will be partly CGST and partly SGST. Out of the revenue earned by the tax under of head of CGST, will go to Central Government in the form of CGST.
3. Integrated Goods and Services Tax or IGST -: GST in India
The Integrated Goods and Services Tax or IGST is a tax comes under the GST . That is apply within between 2 states , supply of goods and services as well as on imports and exports. Under IGST, the responsibility of collecting the taxes , is the Central Government. After the collection of taxes, it is divide among the respective states, by the Central Government, which will be going to the Central Government.
4. Union Territory Goods and Services Tax or UTGST -: GST in India
UTGST is the counterpart of State Goods and Services Tax (SGST), In it the supply of services in the Union Territories (UTs) of India. The UTGST is apply on the supply of goods and services in Andaman and Nicobar Islands, Chandigarh, Daman Diu, Dadra, and Nagar Haveli, and Lakshadweep. The tax earn from UTGST is collect, by the Union Territory government. The UTGST is replace for the SGST in Union Territories. Thus, the UTGST will be addition to the CGST in Union Territories.
Advantages of GST
1-It aimed is to reducing corruption and sales without receipts in GST
2-It reduces the need for small companies in their excise service and tax in GST
3-It’s bring accountability and regulation to unorganized sector such as the textile industry In GST
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