What is GST? and Types of GST

What is GST? and Types of GST

What is GST? and Types of GST

What is GST?

The GST is a single taxation system that is charged on goods and services from the producer to the consumer. It is integrated with the structure of the standardized market, decreasing organizational complexness and facilitating the indirect tax system. Join GST Training in Chennai at FITA Academy offers worthy certification training with 100% placement assistance.

GST is intended to lower government expenses, resulting in increased revenue efficiency. A range of external factors is projected to contribute to the additional revenue rise. Here in this blog, we describe the types of GST.

Types of GST:

IGST:

The IGST (Integrated Goods and Services Tax) is levied under the interstate supply of goods and services. The Central Government controls the collection of taxes under the IGST. It separates the returns of tax among the different states after the collection of those taxes. Because this is an interstate transaction, IGST will apply. The amount of GST levied on the products is 18%.

SGST:

The SGST and CGST are charged on the intrastate supply of products and goods. The SGST is levied while delivering and supplying the goods with other states. It is controlled by the Singapore GST Act. The revenue generated by SGST is claimed by the state government. The GST is calculated the 9% for SGST and 9% for CGST.

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CGST:

The Central Government controls the collection of CGST income. As stated in the preceding example, if a dealer from West Bengal sells products for Rs.5,000 to a buyer in West Bengal, the GST applied to the transaction will then be a combination of CGST and SGST. The 18% of GST is split into 9% for both taxes.

UTGST:

The UTGST is equal to the SGST and is received on the delivery or supply of goods and services in India’s Union Territories (UTs). It is levied under the intrastate of the country. In Union Territories, the UTGST will be charged extra to the CGST. GST Classes in Chennai provides more opportunities for your career advancement. This course taught basics to advanced concepts with the help of well-experienced trainers.

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