Established in the year 2016, we are an emerging chartered accountancy firm based in Bengaluru rendering comprehensive professional services which include audit, management consultancy, tax consultancy, accounting services and secretarial services.

Quote of the Day: "Greatness comes by doing a few small and smart things each and every day... it comes from taking little steps, consistently"

Monday, 11 September 2017

What is IGST, CGST & SGST?


GST means a tax on supply of goods and services except tax on supply of alcoholic liquor for human consumption. The structure of GST is quite different from the present tax structure. 
GST?
GST is a tax on goods and services with comprehensive and continuous chain of set-off benefits from the producer's point and service provider's point upto the retailer's level. In simple terms, it is a tax only on the value addition at each stage by the supplier or the service provider.
GST would be applicable on supply of goods or services as against the present concept of tax on the manufacture of goods or on sale of goods or on provision of services.
GST would apply to all goods and services except alcohol for human consumption, electricity and real estate
​GST will not subsume stamp duty which is imposed on legal documents by the state government. This will be continued to be levied by the states.


Under the GST regime, there are three different types of taxes introduced.
The GST to be levied by the Centre would be called Central GST (CGST)
The GST to be levied by the States would be called State GST (SGST)
IGST (Integrated GST) will be collected by the Central Government.
What is IGST, CGST & SGST ?

Intra-State Supply and Inter-State Supply:
In case of Intra-state supply i.e. Goods or services supplied within the state, taxes to be paid are CGST and SGST/UTGST. The revenue generated from CGST goes to the Central Government and the revenue generated from SGST goes to the State Government.

In case of Imports and Inter-state supply i.e. Goods or services supplied outside the state, tax to be paid is IGST. The IGST is collected by the Central Government but the revenue generated from IGST is shared by both Central Government and State Government. Thus, to settle the tax amounts the state has to deal directly with the Central Government and not with other states. The rate of IGST is equal to CGST+SGST. The rates of IGST and CGST/SGST would be same all over India and would not vary from State to State.
For Simple Secure GST Compliance contact us at: info@preethamandco.com or Call us at 9900397777

3 comments:

  1. Thanks for sharing such an informative.
    if you required any TAX and GST Consultants, plse visit
    synmac consultants in BANGALORE | CHENNAI | DELHI
    SYNMAC.IN | GST CONSULTANTS IN BANGALORE | GST RETURN FILING IN BANGALORE | TAX CONSULTANTS IN BANGALORE | COMPANY REGISTRATION IN BANGALORE | GST REGISTRATION CONSULTANTS IN BANGALORE

    ReplyDelete
  2. Great share!

    Loved all that you shared, and you are right, one cannot deny the power of Google. I simply love it and am part of a number of
    communities too. The point you mention in your post sand blasting machine manufacturer in India that are very useful for me. I understand the way of the attractive to the customer with the products.

    Keep it works and share with us your latest information. For more Information or any help then visit now at Sand Blasting Machine, Shot Blasting Machine, Sand Blasting Machine for Sale, Sand Blasting Machine Manufacturer, and Small Sand Blasting Machine.

    They are similar to small communities that you own - check them out if you haven't already.It's all got a lot better than before!t.

    Thanks for sharing. Have a nice week ahead.

    Visit at : www.blaster.co.in

    Also Check
    Portable Sand Blasting Machine
    Portable Shot Blasting Machine
    Shot Blasting Machine
    Portable Grit Blasting Machine
    Grit Blasting Machine


    Regards,
    Purnima Sharma.

    ReplyDelete
  3. Great share!

    I love this bucket list and you know you're right. sand blasting machine manufacturer. We all have the same amount of hours in a day so put them to good use. We all have to start somewhere and your plan is perfect. I understand the way of the attractive to the customer with the products sand blasting machine.

    Sand blasting machines like shot blasting machine, sand blasting machine, and grit blasting machines, Wood Working Machinery Dust Extraction unit, Abrasive Blasting Media and various others. Keep it works and share with us your latest information. My time will come but I know I'm on the right path.

    They are similar to small communities that you own - check them out if you haven't already. It's all got a lot better than before!t. Value that list of thousands but I'll get there.

    Thanks for sharing. Have a nice week ahead.
    Visit at : www.gritblast.co.in

    Also check
    portable shot blasting machine
    portable sand blasting machine
    sand blasting cabinet
    grit blasting cabinet
    shot blasting cabinet

    Regards,
    Ankit Manawat.

    ReplyDelete