What is the difference between IGST & CGST? Please give example.
2 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177713 Points)
Replied 05 April 2017
The GST to be levied by the Centre on intra-State supply of goods and/or services is Central GST (CGST) and that by the States is State GST (SGST).
On inter-state supply of goods and services, Integrated GST (IGST) will be collected by Centre. IGST will also apply on imports.
CGST means Central Goods and Service Tax. Taxes collected under Central Goods and Service tax will be the revenue for central Government.
SGST means State Goods and Service Tax. A collection of SGST will be the revenue for State Government.
IGST means Integrated Goods and Service Tax. IGST falls under Integrated Goods and Service Tax Act 2016. Revenue collected from IGST will be divided between Central Government and State Government as per the rates to be specified. IGST will be charged on transfer of goods and services from one state to another state.
srinivas
(Finance Manager)
(239 Points)
Replied 08 April 2017
Hi,
CGST means - Central Goods and Service Tax
The following Taxes to be subsumed into CGST
- Excise Duty
- Service Tax
- SAD
- SURCHARGES
- CESSES
- CVD
- Medicinal Excise
SGST means - State Goods and Service Tax
The following Taxes to be subsumed into SGST
- VAT / Sales Tax
- Entry Tax /Octroi / LBT
- Purchase Tax
- Taxes on lottery, betting and gambling
- Luxury Tax
- Entertainment Tax
- State Cesses & Surcharges
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