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What is GST and what are different types of GST in India?

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What is GST and what are different types of GST in India?
posted Jul 1, 2017 by Reshmi S

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GST stands for Goods and Services Tax. GST will be a single destination based consumption tax that will replace existing taxes, including CENVAT, Octroi, Sales Tax, and Excise Duty, etc. Unlike the old tax structure, where the state of origin received tax revenue, in the new GST model the state in which goods and services are consumed is the state that will receive the revenue.

CGST: Central Goods and Services Tax, paid on all transactions, collected by the Center
SGST: State Goods and Services Tax, paid on all transactions within a State, collected by the States.
IGST: Integrated Goods and Services Tax, paid on all inter-state transactions, or import of goods into India, collected by the Center

answer Jul 3, 2017 by Danial Rotwaski
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