Lok Sabha
passes bills to extend GST to Jammu and Kashmir…
The first bill provides for the extension of the Central Goods and
Services Tax Act,2017 to Jammu and Kashmir and the other provides for the
extension of the Integrated Goods and Services Tax IGST Act,2017 to the State.
The
two bills replace an order promulgated by the President.
The
first bill provides for the extension of the Central Goods and Services Tax
Act,2017 to Jammu and Kashmir and the other provides for the extension of the
Integrated Goods and Services Tax IGST Act,2017 to the State.
What is CGST,
SGST or IGST ?
Central GST:
Central GST is the component of GST that will be levied by the
central government on all items, both goods and services. It only applies to
intra-state trade. A dealer can use input tax credit of CGST against CGST or
IGST.
State GST:
State GST is the component of GST that will be levied by the
state government on all items, both goods and services. It only applies to
intra-state trade. A dealer can use input tax credit of SGST against SGST or
IGST.
Integrated GST:
Integrated GST is the component of GST that will be levied by
the central government in case of inter-state trade. It is applicable on all
items, both goods and services. A dealer can use input tax credit of IGST
against SGST, CGST or IGST.
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