%GST% PART 2

* TYPES OF GST *

1.) DEFINITION OF CGST:-

CGST stands for Central Goods and Services Tax. It subsumes all the taxes that were earlier applicable as central indirect taxes. They are levied by the central government for intrastate movement of goods and services.

2.) DEFINITION OF SGST:-

SGST is one of the tax components of GST in India. SGST Act expands to State Goods and Service Tax. It is one of the three categories under Goods and Service Tax (CGST, IGST and SGST) with a concept of one tax one nation. ... All the tax proceeds collected under the head SGST is for State Government.

3.) DEFINITION OF IGST:-

Under GST, IGST is a tax levied on all Inter-State supplies of goods and/or services and will be governed by the IGST Act. IGST will be applicable on any supply of goods and/or services in both cases of import into India and export from India.

4.) DEFINITION OF UTGST:-

UTGST is applicable when goods or services or both are consumed in the supplied regions of India that include Andaman and Nicobar Islands, Lakshadweep, Dadra & Nagar Haveli and Daman & Diu, Ladakh and Chandigarh, termed as Union territories of India.