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  • GST and Billing Detail:: Goods and Service Tax

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    Sushmita
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    GST is an indirect tax that replaced many existing indirect taxes in India and was passed by Parliament in March 2017, coming into effect on July 1, 2017. It is a multi-stage tax applied to all supply of goods and services. There are three applicable taxes under GST - CGST collected by the Central Government for intra-state sales, SGST collected by State Governments for intra-state sales, and IGST collected by the Central Government for inter-state sales.

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    gst details

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    GST is an indirect tax that replaced many existing indirect taxes in India and was passed by Parliament in March 2017, coming into effect on July 1, 2017. It is a multi-stage tax applied to all supply of goods and services. There are three applicable taxes under GST - CGST collected by the Central Government for intra-state sales, SGST collected by State Governments for intra-state sales, and IGST collected by the Central Government for inter-state sales.

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    © All Rights Reserved
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    10 views1 page

    GST and Billing Detail:: Goods and Service Tax

    Uploaded by

    Sushmita
    GST is an indirect tax that replaced many existing indirect taxes in India and was passed by Parliament in March 2017, coming into effect on July 1, 2017. It is a multi-stage tax applied to all supply of goods and services. There are three applicable taxes under GST - CGST collected by the Central Government for intra-state sales, SGST collected by State Governments for intra-state sales, and IGST collected by the Central Government for inter-state sales.

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    © All Rights Reserved
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    GST AND BILLING DETAIL:

    GST is an Indirect Tax which has replaced many Indirect Taxes in India. The Goods and
    Service Tax Act was passed in the Parliament on 29th March 2017. The Act came into effect on
    1st July 2017; Goods & Services Tax Law in India is a comprehensive, multi-
    stage, destination-based tax that is levied on every value addition.
    In simple words, Goods and Service Tax (GST) is an indirect tax levied on the supply of goods
    and services. This law has replaced many indirect tax laws that previously existed in India.
    GST is one indirect tax for the entire country.
    There are 3 taxes applicable under this system: CGST, SGST & IGST.

     CGST: Collected by the Central Government on an intra-state sale (Eg: transaction


    happening within Maharashtra)
     SGST: Collected by the State Government on an intra-state sale (Eg: transaction
    happening within Maharashtra)
     IGST: Collected by the Central Government for inter-state sale (Eg: Maharashtra to
    Tamil Nadu)

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