18 January 2017
IGST - Integrated Goods and Service Tax CGST - Central Goods and Service Tax SGST - State Goods and Service Tax
Integrated GST ( IGST ) - Applicable On inter-state and cross border transactions, Centre would levy and collect IGST in lieu of CGST and SGST.and to be shared between Centre / States, Single IGST rate, IGST would be levied on all inter-State transactions of taxable goods and services with appropriate provision for consignment or stock transfer of goods and services, Inter-State dealer will pay IGST after adjusting available, input IGST, CGST and SGST on purchases.
CGST on both , goods and services -To be levied , controlled and administered by Union, Levied by the Centre through a separate statute on all transactions of goods and services made for a consideration.
STATE GST (SGST) Levied by the States through a statute on all intra-state transactions of goods and services made for a consideration, State GST would be paid to the accounts of the respective State.
CAclubindia
