gst

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yogesh

yogesh (Querist)
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18 January 2017 what do we mean by igst,cgst and sgst

Sathish M

Sathish M (Expert)
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18 January 2017 IGST - Integrated Goods and Service Tax
CGST - Central Goods and Service Tax
SGST - State Goods and Service Tax

Integrated GST ( IGST ) - Applicable On inter-state and cross border transactions, Centre would levy and collect IGST in lieu of CGST and SGST.and to be shared between Centre / States, Single IGST rate, IGST would be levied on all inter-State transactions of taxable goods and services with appropriate provision for consignment or stock transfer of goods and services, Inter-State dealer will pay IGST after adjusting available, input IGST, CGST and SGST on purchases.

CGST on both , goods and services -To be levied , controlled and administered by Union, Levied by the Centre through a separate statute on all transactions of goods and services made for a consideration.

STATE GST (SGST) Levied by the States through a statute on all intra-state transactions of goods and services made for a consideration, State GST would be paid to the accounts of the respective State.