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What is GST?

The full form of GST is Goods and Services Tax. The Goods and Services Tax Act was passed by the Parliament on 29 March 2017 and GST came into effect on 1 July 2017. GST brings uniformity in taxation and replaces many indirect taxes in India. GST is a tax levied on goods and services rather than profits. GST is a comprehensive destination-based tax in which there will be a lot of tax on every value addition. To understand GST, it is important to understand the following things.

This tax is destination-based 

which means GST is collected at the consumer's end irrespective of the location of the respective goods of manufacture, production, or supply.

It is multi-stage or multi-level

GST is levied at every stage of India's supply chain, i.e., from purchase of raw material to manufacture. GST is taxable. India is a federal country, and the central and state governments have the power to levy taxes. Under the GST regime, both the center and state can levy GST. Hence, there are two main taxes to be paid under GST in India.

What are the two types of GST?

1. Central GST (CGST)

2. State GST (SGST)

A simple structure of GST in India GST is divided into two main parts,: CGST Central Goods and Services Tax and the other is SGST State Goods and Services Tax which is levied by the State Government. In simple language, GST is implemented at two main levels - one at the center level and the other at the state level. GST is divided into four parts.

IGST. GS. 1. Integrated Goods and Services Tax

IGST is a tax imposed by the Central Government on the supply of goods and services outside the state, which is also called inter-state tax or tax between states. This tax is collected by the Central Government.

2. CGST

The full form of CGST is Central Goods and Tax (Central Goods and Services Tax), which is imposed by the Central Government on the supply of goods and services within the state. It is also called internal tax. This tax is collected by the Central Government.

3. SGS

The full form of SGST is State Goods and Services Tax (State Goods and Services Tax). This tax is imposed by the State Government on the supply of goods and services within the state. This tax is also called internal tax. This tax is collected by the State Government.

4. U.T.G.S. UTGST - Union Territory Goods and Services Tax

The full form of UTGST is the Union Territory Goods and Services Tax. This tax is levied by the Union Territory Government on the supply of goods and services within the state. This tax is also called internal tax. This tax is collected by the Union Territory Government. However, there are chances that people may not get confused in the case of transactions between two persons of two different states and there may be no difficulty in determining the tax dues between the two states, so IGST will be levied by the Center. In simple language, now the Center will add the state's share of GST to the state's corresponding IGST.