Question

Write the structure of GST​

Answer 1

Answer:

IGST, CGST, SGST is the answer of question

Answer 2

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$\large\underline {\textsf{Structure of Goods and Service Tax (GST)}}$

The goods and service tax (GST) is one of the indirect taxes. The GST was passed in Parliament on 29 March 2017. The act came into effect on 1 July 2017. The motto is one nation, one market, one tax. Goods and service tax was broadly classified into three types

1. State Goods and Service Tax (SGST)
2. Central Goods and Service Tax (CGST)
3. Integrated Goods and Service Tax (IGST)

$\textsf{State Goods and Service Tax (SGST) :}$

• Intra state (within the state) VAT/sales tax, purchase tax, entertainment tax, luxury tax, lottery tax and state surcharge and cesses.

$\textsf{Central Goods and Service Tax (CGST): }$

• Intra state (within the state) Central Excise Duty , service tax, countervailing duty, additional duty of customs, surcharge, education and secondary/higher secondary cess

$\textsf{Integrated Goods and Service Tax (IGST) :}$

• Inter state (integrated GST) There are four major GST rates: 5%, 12%, 18% and 28%. Almost all the necessities of life like vegetables and food grains are exempted from this tax.

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