Question

Here's A Question!!
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Whats the difference between CGST and SGST?
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Answer 1

Step-by-step explanation:

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● CGST stands for Central goods and service tax

SGST stands for State goods and services tax

● The major share of tax revenue under CGST is meant for central government

where as SGST tax revenue is for state government.

● CGST is charged and collected by Central Government

SGST is charged and collected by State Government

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Answer 2

Answer:

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CGST expands as Central Goods and Service Tax and SGST is the short form of State Goods and Service Tax.

Different indirect taxes of Central Excise Duty, Central Sales Tax CST, Service Tax, Additional excise duties, excise duty levied under the medical and toiletries preparation Act, CVD (Additional Customs duty – Countervailing Duty), SAD (Special Additional Duty of customs) surcharges and cesses are merged with CGST. Under SGST, the taxes like State Sales Tax, VAT, Luxury Tax, Entertainment tax (unless it is levied by the local bodies), Taxes on lottery, betting and gambling, Entry tax not in lieu of Octroi, State Cesses and Surcharges in so far as they relate to supply of goods and services etc. are subsumed.

The major share of tax revenue under CGST is meant for central government where as SGST tax revenue is for state government