Types of GST
GST (Goods and Services Tax) is a value-added tax that is levied on the consumption of goods and services in India. It was introduced on July 1, 2017, and replaces a number of other indirect taxes such as the central excise duty, service tax, and value-added tax (VAT).
In India, the GST is classified into four main types:
1.CGST :
This is the GST levied by the Central Government on the supply of goods and services within a state.
2.SGST :
This is the GST levied by the state government on the supply of goods and services within a state.
To Visit https://www.gst.gov.in/
3.IGST :
This is the GST levy by the Central Government on the supply of goods and services between different states in India.
4.UTGST
which is levied on the supply of goods and services in the Union Territories of India.
Therefore, The Goods and Services Tax (GST) rates for various goods and services decide by the GST Council. Which is a committee comprising the Finance Ministers from both the Central and State Governments. The GST rates can vary depending on the type of product or service tax, and can be as high as 28%.
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