GOODS AND SERVICES TAX (GST) CLASS 10 ICSE BOARD

GOODS AND SERVICES TAX (GST) CLASS 10 ICSE BOARD
GST (GOODS AND SERVICES TAX):-- IT IS A COMPREHENSIVE INDIRECT TAX FOR WHOLE INDIA. IT MAKES OUR NATION ONE UNIFIED COMMON MARKET.
TYPES OF GST :--THERE ARE TWO TYPES OF GST
1. INTRA-STATE OR INTRA-UNION TERRIORY TRANSACTIONS :--THIS GST APPLICABLE WITHIN A SINGLE STATE .
FOR EXAMPLE WHEN A GOODS MANUFACTURES IN BIHAR AND SELL IN BIHAR .
THERE ARE TWO TYPES OF INTRA- STATE GST
A) CGST :- CENTRAL GOODS AND SERVICES TAX IS AN INTRASTATE GST .IT IS COLLECTED BY CENTRAL GOVERNMENT . IT VALUE IS HALF OF GST ,IT MEANS IF GST IS 18% THAN CGST WILL BE 9% .
B)SGST:- STATE GOODS AND SERVICES TAX (SGST) IS AN INTRASTATE GST.IT IS COLLECTED BY STATE GOVERNMENT. IF GST IS 18% THN SGST IS 9% , HALF OF GST RATE.
2. INTER- STATE TRANSACTIONS :--THIS GST IS APPLICABLE BETWEEN TWO STATES. LIKE A GOODS MANUFACTURE IN GUJARAT AND SELL IN BIHAR.
IGST IS AN INTER- STATE GST. IT IS COLLECTED BY THE CENTRAL GOVERNMENT . IGST TAX COLLECTED IS SHARED BETWEEN CENTRAL AND STATE.

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