The different types of GST in India with example.
There are primarily four types of GST in India. These are:
Central Goods and Services Tax (CGST) State Goods and Services Tax (SGST) Integrated Goods and Services Tax (IGST) Union Territory Goods and Services Tax (UTGST)- CGST:
It is collected by the Central Government on intra-state transactions of goods and services.
- SGST:
It is collected by the State Government on intra-state transactions of goods and services.
The revenue collected under SGST goes to the respective state government.
- IGST:
It is applicable to inter-state transactions and imports.
It is collected by the Central Government, and a share of it is given to the respective state.
- UTGST:
It is similar to SGST but is applicable to Union Territories.
It is collected by the Central Government for transactions within Union Territories.
This is all about the
different types of GST in India.
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GST was in talks quite a lot a couple of years ago. It wasn’t really clear to the common man what it was just like any other change that takes place in taxation policies. Anyhow, it is not yet crystal clear but there is a better understanding on the subject comparatively now. If you are still confused about how many types of GST in India are there, I can help you with those details. Read carefully and try to understand. I will try to keep it very simple for you.
How many types of GST are there in India?There are 4 types of GST in India:
CGST (Central Goods and Services Tax)
SGST (State Goods and Services Tax)
IGST (Integrated Goods and Services Tax)
UGST (Union Territory Goods and Services Tax)
Here is a detailed description of each of the GST type:
CGSTCentral Goods and Services Tax is levied by the central government on intra-state goods and services transactions. This tax is applicable alongside SGST or UGST and revenue from this tax is shared between states and the central government.
SGSTState Goods and Services Tax is collected by state governments for goods and services transacted intra-state.
UGSTUGST is collected by the union territories for transaction of intra-state goods and services. It is applicable in UTs like Chandigarh, Andaman and Nicobar, etc.
IGSTIf the transaction happens inter-state then IGST is applicable. It is levied on imports and exports as well and income from this is shared by both central and state governments.
I hope now you are clear on how many types of GST in India.
How many types of GST in India?
Yash
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2021-10-05T11:15:18+00:00 2021-10-05T19:05:47+00:00Comment
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