After learning about GST and its implications, let us look into the depth of GST in India. GST in India will not be a single taxation system but a dual taxation system in which both the state and center will collect tax on a single transaction of service or good. CGST, SGST, IGST are a part of GST.<\/p>\n\n\n\n
CGST-CENTRAL GOODS AND SERVICE TAX<\/u><\/strong><\/p>\n\n\n\n Central Goods and Service Tax will be levied by the Central government on all items, both goods and services under GST. It only applies to intra-state trade.<\/p>\n\n\n\n SGST-STATE GOODS AND SERVICE TAX<\/u><\/strong><\/p>\n\n\n\n State Goods and Service Tax will be levied by the State government on all items, both goods and services under GST. It only applies to intra-state trade.<\/p>\n\n\n\n IGST-INTERGRATED GOODS AND SERVICE TAX<\/u><\/strong><\/p>\n\n\n\n Integrated Goods Service Tax will be levied by the Central government in case of inter-state trade under GST. It is applicable on all items, both goods and services.<\/p>\n\n\n\n NOTE:<\/u> CGST AND SGST ARE APPLICABLE IN THE STATE. IGST IS APPLICABLE FOR INTERSTATE TRADE AND COMMERCE OF GOODS AND SERVICES.<\/span><\/strong><\/p>\n\n\n\n Why are there 3 tax structures?<\/u><\/strong><\/p>\n\n\n\n Since India is a federal country both state and center levy tax. Currently this tax is the main source of revenue for the states and the center. This revenue helps them fulfil their responsibilities towards the state and the nation as a whole.<\/p>\n\n\n\n The taxes levied by Center currently are:<\/p>\n\n\n\n Those levied by the States are:<\/p>\n\n\n\n Fiscal federalism will be preserved by a dual GST, which is required by our Constitution. The Centre and States will be simultaneously levying GST, taxpayers which will be implemented taxpayers to take credit against each other thus ensuring \u201cOne nation one tax\u201d.<\/p>\n\n\n\n The table below will summarize the difference between the 3:<\/p>\n\n\n\n After learning about GST and its implications, let us look into the depth of GST in India. GST in India will not be a single taxation system but a dual taxation system in which both the state and center will collect tax on a single transaction of service or good. CGST, SGST, IGST are a … <\/p>\n","protected":false},"author":1,"featured_media":1909,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[75,77,76],"class_list":["post-1908","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gst","tag-cgst","tag-igst","tag-sgst"],"yoast_head":"\n<\/td> CGST<\/td> SGST<\/td> IGST<\/td><\/tr> MEANING<\/td> It is levied by the central government, replacing existing taxes collected by them under current taxation system<\/td> It is levied by state government, replacing existing taxes collected by them under current taxation system<\/td> It is levied and collected by central government for inter-state trade<\/td><\/tr> WHERE IS IT APPLICABLE?<\/td> Country-wide but against the state (relates to buying in and out of that state)<\/td> Within the same state<\/td> Inter state<\/td><\/tr> INPUT TAX CREDIT<\/td> Credit can be taken only against CGST AND IGST<\/td> Credit can be taken only against SGST and IGST<\/td> Credit can be taken against IGST,CGST AND SGST<\/td><\/tr> COLLECTED BY<\/td> CENTRAL GOVERNMENT<\/td> STATE GOVERNMENT<\/td> CENTRAL GOVERNMENT<\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"