Goods and Services tax also abbreviated as GST is a much-heard term by now. It's an indirect tax imposed on the supply of goods and services sold/provided. As a taxpayer, GST registration is required for those whose businesses turnover exceeds Rs 40 lakhs (Rs 20 lakhs for service providers, Rs 10 lakhs for NE and hill states.
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Goods and Services Tax (GST) was introduced to us as a better and simplified version of all the indirect taxes which were imposed on us in the past. As we know taxes are classified as direct and indirect taxes. Direct taxes are imposed on the income of the individuals, and Indirect taxes are not directly on the income of individual. There were many indirect taxes levied by state and the central government in the past like VAT, excise duty, entertainment tax, service tax and much more. To simplify those taxes came GST. It is an indirect tax form on the supply of goods and services.
GST law comprised of CGST, SGST, and IGST.
In GST portal under GST comes Central Goods and Services tax abbreviated as CGST, State Goods and Services Tax abbreviated as SGST and Integrated Goods and Services Tax abbreviated as IGST.
CGST is a tax levied by the central government on the goods and services supplied in the same state which means the supplier and the consumer both are in the same state (intrastate) for the trade. The tax levied here is in two parts one is by the central government and other is by the state government.The former tax here is referred to as CGST.
SGST is a tax that is levied by the state government on the goods and services within the same state.This is the later part of the tax we discussed.
IGST is a tax levied on the goods and services when the supply of goods or services are done between different states that are interstate then the government applies only IGST on your services.