Type Of GST and GST Online Payment - Alankit.in
GST is one indirect tax for the entire nation, which makes India a common unified market. GST subsumes most indirect taxes under a single taxation regime. Right from the manufacturer to the consumer, GST is a single tax on the supply of goods and services. The value of GST is of great importance as both the governments (central and state) are now relying on the GST for their indirect tax revenue. There are four major types of GST that include: The State Goods and Services Tax (SGST) The Central Goods and Services Tax (CGST) The Union Territory Goods and Services Tax (UTGST) The Integrated Goods and Services Tax (IGST) 1.The State Goods and Services Tax (SGST) SGST is one of the two taxes that is imposed on every state’s transaction of goods and services. It is levied by the state where the goods are being sold or obtained. It thus replaces all kinds of existing state taxes including the VAT, the Entertainment Tax, Luxury, Sales Tax, Entry Tax etc. and the Surchar...