Contact Info
816 Jaina Tower 1 Janakpuri District Centre New Delhi 110058
Phone : (+91) 98914 84191
Email : info@csvgarg.com
GST
GST is referred as Goods and Services Tax. It is an indirect tax that was implemented to replace a variety of previous indirect taxes, including the value-added tax, service tax, purchase tax, excise duty, and others. GST is a tax that India imposes on the supply of specific products and services. There is only one tax that is imposed in India.
GST is a multi-stage tax system which is comprehensive in nature and applied on the sale of goods and services. The main aim of this taxation system is to curb the cascading effect of other Indirect taxes and it is applicable throughout India.
Central Goods and Services Tax
CGST is charged on the intra state supply of products and services.CGST stands for Central Goods and Services Tax. It subsumes all the taxes that were earlier applicable as central indirect taxes.
State Goods and Services Tax
SGST, like CGST, is charged on the sale of products or services within a state.Under GST, SGST is a type of tax levied on Intra State supplies of both goods and services by the State Government and will be regulated by the SGST Act.
Integrated Goods and Services Tax
IGST is charged on inter-state transactions of products and services. IGST is one of the three components of Goods and Services Tax. IGS tax is levied when there is an inter-state transfer of goods and services.
Service Advantage
GST will prevent cascading of taxes by providing a comprehensive input tax credit mechanism across the entire supply chain. Such a seamless availability of Input Tax Credit across goods or services at every stage of supply will enable streamlining of business operations.
