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HOW MANY TYPES OF GST IN INDIA GST is one indirect tax for the entire country. “GST is a comprehensive, multi-stage, destination-based tax that is levied on every value addition.” There are around 160 countries in the world that have GST in place. GST is a destination based taxed where the tax is collected by the State where goods are consumed. India is going…
SGST SGST is one of the tax components of GST in India. SGST refers to State Goods and Service Tax. It is one of the three categories under Goods and Service Tax (CGST, IGST and SGST) with a concept of one tax one nation. SGST falls under State Goods and Service Tax Act 2017. It…
UTGST FULL FORM UTGST full form is Union Territory Goods and Services Tax. It is the GST applicable on the goods and services supply that takes place in the union territories of India. Union Territory GST will be charged in addition to the Central GST (CGST). GST under supply of goods and services takes place…
GST COUNCIL GST Council is an apex member committee to modify, reconcile or to procure any law or regulation based on the context of goods and services tax in India. The GST council is the key decision-making body that will take all important decisions regarding the GST. The Goods and Service Tax Council dictates tax rate, tax…
CGST The full form of CGST under GST law is central goods and service tax. It is called as CGST act 2017. The CGST act has been enacted to make a provision for levy and collection of tax on intra-state supply of goods or services or both by the central government and the matters connected…
WHAT IS IGST IGST means Integrated Goods and Service Tax, one of the three categories under Goods and Service Tax (CGST, IGST and SGST) with a concept of one tax one nation. IGST falls under Integrated Goods and Service Tax Act 2016. IGST is charged when movement of goods and services from one state to…
OBJECTIVES OF GST Goods and Service Tax (GST) is a comprehensive tax levy on manufacture, sale and consumption of goods and service at a national level under which no distinction is made between goods and services for levying of tax. It will mostly substitute all indirect taxes levied on goods and services by the Central and State governments in India. The…
LIABILITY OF TAX PAYER The liability of tax payer depends upon the fact whether a person is taxable person under the act or not. A ‘taxable person’ under GST, is a person who carries on any business at any place in India and who is registered or required to be registered under the GST Act. Any person…
CONSTITUTIONAL ASPECTS OF GST The constitutional aspects of GST is as follows: TAX STRUCTURE BEFORE GST Before the implementation of GST, taxation laws between the Centre and states were clearly demarcated. There were no overlaps between the fiscal powers, whatsoever. The Centre would levy tax on goods manufacture, except alcohol for consumption, narcotics, opium, etc….
GOODS AND SERVICE TAX IN INDIA (GST) Goods and Service Tax is a comprehensive tax levy on manufacture, sale and consumption of goods and service at a national level under which no distinction is made between goods and services for levying of tax. It will mostly substitute all indirect taxes levied on goods and services by the Central and State…
