Question

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What is UTGST? How is it calculated?
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Answer 1

Answer

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The full form of UTGST is Union Territory Goods and Service Tax. UTGST is a part of Goods and Service Tax in India. A separate Act is being implemented for Union Territory states to impose and administer GST in India in the name of UTGST Act.

The revenue out of IGST is shared by state government and central government as per the rates fixed by the authorities. As per GST Law: Under the GST regime, an Integrated GST (IGST) would be levied and collected by the Centre on inter-State supply of goods and services.

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Answer 2

Answer:

The full form of UTGST is Union Territory Goods and Service Tax. UTGST is a part of Goods and Service Tax in India. ... A separate Act is being implemented for Union Territory states to impose and administer GST in India in the name of UTGST Act.

Calculation

Particulars Amount (Rs

.Sofa sets 10,00,000

CGST @ 6% 60,000

UTGST @ 6% 60,000

Total 11,20,000