GST FULL FORM AND TYPES AND DETAIL
Thursday, 21 January 2021
GOODS AND SERVICES TAX
GST IS A INDIRECT TAXES USED IN INDIA FOR SUPPLY OF GOODS AND SUPPLY OF SERVICES
GST IS A CONSUMPTION BASED TAX.
GST IS APPLICABLE FROM 01/07/2017.
WHAT ARE THE 3 TYPES OF GST?
1. IGST - INTEGRATED GOODS AND SERVICES TAX
IGST LEVIED BY CENTRAL GOVERNMENT.
2. CGST - CENTRAL GOODS AND SERVICES TAX
CGST LEVIED BY CENTRAL GOVERNMENT.
3. SGST - STATE GOODS AND SERVICES TAX
CGST LEVIED BY STATE GOVERNMENT.
SGST AND CGST ARE LEVIED ON INTRA STATE TRANSACTION MEANS INNER STATE GOODS AND SERVICES SUPPPLY.
IGST IS CHARGES ON INTER STATE TRANSACTION MEANS OUT OF STATE TRANSACTION AND CASE OF EXPORT.
GST IN INDIA LAUNCHED BY OUR HONORABLE PRIME MINISTER NARENDRA MODI.
GST SLAB RATE
5% CUMIN,COTTON,RICE,BIO-GAS,FERTILIZER,AGARBATTI ETC.
12% PAN MASALA,PLYWOODF,FRUIT,NUTS, CARPETS ETC.
18% CHOCOLATES,GRANITE,PETROLIUM OIL,BEAUTY MAKEUP,PHOTOGRAPHIC FILM ETC.
28% MOTORVEHICLE,REVOLVER PISTOL, REFRIGERATOR,DIGITAL CAMERA.
3% GOLD .