Dual GST system
The Dual GST (Goods and Services Tax) is a taxation system introduced in India on July 1, 2017, to replace the previous system of indirect taxes. It allows both the central and state governments to impose and collect taxes on the supply of goods and services. The term “dual” refers to the two components of the GST: Central GST (CGST) and State GST (SGST).
To visit:https://www.gst.gov.in/
CGST impose by the central government on the supply of goods and services within a state, while SGST levy by the state governments. For inter-state transactions, an Integrated GST (IGST) impose by the central government, which is later distribute among the states.
The implementation of Dual GST has streamlined the tax structure in India by consolidating multiple indirect taxes like excise duty, service tax, VAT, and others into a single system. It has also eliminated tax cascading, where taxes levy on top of other taxes, resulting in a reduced overall tax burden for businesses and consumers.
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