Types of GST in India | |
GST (Goods and Services Tax) typically comes in several types or categories, depending on the nature of the goods or services being taxed and the structure of the tax system in a particular country. Here are some common types of GST: Central Goods and Services Tax (CGST): This component of GST is levied by the central government on the supply of goods and services within a state. It replaces taxes like Central Excise Duty, Service Tax, etc., which were levied by the central government earlier. State Goods and Services Tax (SGST): SGST is the counterpart of CGST but is levied by the state governments on intra-state supplies of goods and services. It replaces taxes like Value Added Tax (VAT), Entry Tax, etc., which were levied by the state governments earlier. Integrated Goods and Services Tax (IGST): IGST is applicable on the interstate supply of goods and services as well as on imports. It is collected by the central government but is distributed among the states. IGST replaces the earlier tax system of Central Sales Tax (CST) on interstate transactions. Union Territory Goods and Services Tax (UTGST): This is similar to SGST but is applicable to the Union Territories of India. UTGST is levied on intra-Union Territory supplies of goods and services. Composite GST (Compensation Cess): This is an additional tax levied on certain luxury items, sin goods, and environmentally harmful goods to compensate states for any revenue loss incurred due to the implementation of GST. These types of GST collectively form the GST framework in many countries that have adopted this tax system. | |
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