HomeLaw NotesTaxWhat is GST and Types of GST Detailed Information

What is GST and Types of GST Detailed Information

What is GST

The goods and services tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption. The GST is paid by consumers, but it is remitted to the government by the businesses selling the goods and services.

GST is a consumption based tax levied on sale, manufacture and consumption on goods & services at a national level. This tax will be substitute for all indirect tax levied by state and central government. Exports and direct tax like income tax, corporate tax and capital gain tax will not be affected by GST.

Types Of GST

CGST, SGST, IGST and UGST are the 4 types of GST in India. CGST and SGST are levied on intra-state transactions. CGST is collected by the centre and SGST by the state. IGST is charged on inter-state goods/services transactions.

CGSTCentral Goods and Services Tax
SGSTState Goods and Services Tax
IGSTIntegrated Goods and Services Tax
UGSTUnion Territory Goods and Services Tax

Above given list is about Types Of GST through this simple list you can understand the types of GST.

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