identify the component of GST applicable in the following transaction. a) Ganesh from Kerala purchased goods from tamilnadu for RS.25000
Answers
Given : Ganesh from Kerala purchased goods from tamilnadu for RS.25000
To Find : component of GST applicable
Solution:
IGST is applicable in mentioned transaction.
IGST is equal to GST rate
IGST Interstate goods and service tax.
Applicable when transactions are in between 2 different states.
Tamilnadu and kerala are different states hence IGST applicable.
When transaction happen with in the same state then there are two parts of GST :
CGST , SGST
Central goods and service tax
State goods and service tax
CGST= SGST= GST/2
component of GST applicable in mentioned transaction is IGST.
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