- Suppose you went to a shop / restaurant/mall and paid the bill. Take a pictu answer the question related to that bill: Q1. How much amount from total bill will be paid to the State Goverment.
Answers
Answer:
Sorry we don't know this answer
Goods and Service tax act was enacted in the year 2016
Explanation:
With the implementation of GST Act 2016, all the transactions take place in the territory of India will be subjected to GST tax. Earlier, we had sales tax, gift tax, entertainment tax, etc which solely filled the state's coffer. Now, all these indirect taxes are brought under the purview of GST.
- Under the GST act, there are CGST, SGST and IGST.CGST
- Central Goods and Service act (CGST) are levied on the goods by the central government and collected by the centre.
- State Goods and Service act (SGST) are levied and collected by the state government.
- Integrated Goods and Service act (IGST) are levied on goods where the supply takes place between one state and the other. This is governed by the Centre.
Suppose, we assume that you bought an antique piece from a mall. The cost of the piece is Rs.10000. Usually, there are different tax slabs for different products. We assume that tax on such products is 18%. The total amount of tax is 1800. As per the GST act, the share of CGST would be 9% ie. 900 and SGST would be remaining 9% ie. 900. ( 900+900=1800). There is an equal share between the centre and the state.