Types/Benefits/Rates of Goods and Services Tax(GST)
Types of GST There are four different types of GST as listed below: The Central Goods and Services Tax (CGST) The State Goods and Services Tax (SGST) 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 defined as one of the two taxes imposed on transactions of goods and services of every state. Levied by State Government of every state, SGST replaces every kind of existing state tax that include Sales Tax, Entertainment Tax, VAT, Entry Tax, etc. Under SGST, the State Government can claim the earned revenue. 2. The Central Goods and Services Tax (CGST) CGST is referred as the Central Tax levied on transactions of goods and services which take place within a state. Imposed by the Central Government, CGST ensures to replace all other Central taxes inclusive ...