All you know about GST
The items and offerings tax (GST) is a value-brought tax imposed on maximum items and offerings bought for everyday home purposes. GST is a tax this is levied at the delivery of products and offerings, proper from the producer to the intake holder. GST is specifically causing for the single-charge tax that's used globally.
Tax is carried out to the delivery chain of products and offerings. GST is a submerged of many taxes like VAT, Excise Duty, Service tax, and Octroi.
In India, GST Act became handed in Parliament on twenty-ninth March 2017 and GST became applied on 1st July 2017.
The GST Council has an authorized charge structure - 5%, 12%, 18%, and 28% - with usual items that want to fall withinside the class of 12% and 18% charge. In addition, a cess can be imposed on luxurious and sinful items.
Category beneath neath the Goods and Services Tax:
➢ Central items and offerings tax (CGST)
➢ State items and offerings tax (SGST)
➢ Union territory items and offerings tax (UTGST)
➢ Integrated items and offerings tax (IGST)
CENTRAL GOODS AND SERVICES TAX
Central items and offerings tax is imposed at the delivery chain of products and offerings undertaken inside Intra State.
The CGST is charged via way of means of the Central Government that's the sum-up of some oblique taxes like
Cesses
Custom Duty
Service Tax
Central Excise Tax