Types of GST
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%.
FAQs:
How many types of GST are there?
There are three main types of GST: CGST, SGST, and IGST.
What is CGST?
CGST (Central Goods and Services Tax) is levied by the central government on intra-state sales.
What is SGST?
SGST (State Goods and Services Tax) is levied by state governments on intra-state sales.
What is IGST?
IGST (Integrated Goods and Services Tax) is levied by the central government on inter-state sales.
When is CGST and SGST applied?
CGST and SGST are applied on transactions within the same state (intra-state).
When is IGST applied?
IGST is applied on transactions between different states (inter-state).
Is there a separate GST for Union Territories?
Yes, UTGST (Union Territory Goods and Services Tax) applies in Union Territories without a legislature.
Can a transaction have both CGST and SGST?
Yes, in intra-state transactions, both CGST and SGST are apply.
Are there different rates for different types of GST?
No, the rates are the same, but the tax is split between the central and state governments depending on the type (CGST/SGST or IGST).
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