There would be mainly two transaction under GST as below:
Intra State (Within same state) Transactions:
Transactions made within a single state will be levied with
Central GST (CGST)
by the Central Government and State GST (SGST) by the government of that state.
Inter State (Between two states)Transactions:
For inter-state transactions and imported goods or services, an
Integrated GST (IGST) is levied by the Central Government. GST is a consumption
based tax, therefore, taxes are paid to the state which the goods or services
are consumed not the state in which they were produced. IGST simplifies tax
collection for State Governments by enabling them to collect the tax owed to
them directly from the Central Government. Under the previous system, a state
would have to deal with multiple state governments in order to collect tax
revenue.
To summarise:
To summarise:
How GST will work? Transactions under GST
Reviewed by Author
on
May 28, 2017
Rating:
Reviewed by Author
on
May 28, 2017
Rating:
