Question

what are the types of GST .


define briefly.

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Answer 1

Types of GST:

☆ There are four different types of GST as listed below:

• The Central Goods and Services Tax (CGST)
• The State Goods and Services Tax (SGST)
• The Union Territory Goods and Services Tax (UTGST)
• The Integrated Goods and Services Tax (IGST)

1. The State Goods and Services Tax (SGST)

→ SGST is defined as one of the two taxes imposed on transactions of goods and services of every state.

2. The Central Goods and Services Tax (CGST)

→ CGST is referred as the Central Tax levied on transactions of goods and services which take place within a state.

3. The Integrated Goods and Services Tax (IGST)

→ IGST is applied on the interstate transactions of goods and services. IGST is also applicable on the goods being that are imported to distribute among the respective states.

4. The Union Territory Goods and Services Tax (UTGST)

→ Applicable on the Intra UT supply of goods and services, the aim to impose UTGST is to apply a collection of tax to provide benefits as same as SGST.

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Answer 2

Answer:

Currently, the types of GST in India are CGST, SGST and IGST. This simple division helps distinguish between inter- and intra-state supplies and mitigates indirect taxes. To learn more, read about these 3 different types of GST