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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
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