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Brief Meaning of SGST, IGST and CGST

A brief introduction for the beginner about GST Components SGST, IGST and CGST. What role they play in the taxation economy of the GST.

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Brief Meaning of SGST, IGST and CGST

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  1. SGST, IGST & CGST

  2. GST the goods and service tax is a reformative financial taxation scheme introduced in Indian constitution recently for structuring all the business units into the database of tax paying organization with equal consideration. There are three main components of taxation that are CGST, SGST, and IGST. A brief introduction for the beginners, as exactly what are all these components means and what role they play in the taxation economy of the GST.

  3. What is the Meaning of CGST ? • CGST means Central Goods and Service Tax. It is a part of GST • Covered under Central Goods and Service Tax Act 2016. • Taxes collected under Central Goods and Service tax will be the revenue of central Government. • Central Goods And Service Tax subsumed all Present Central taxes like Central excise duty, Additional Excise duty, Special Excise Duty, Central Sales Tax, Service Tax etc.

  4. What is the Meaning of SGST ? • SGST means State Goods and Service Tax. It is a part of GST • Covered under State Goods and service Tax Act 2016. • Taxes collected under State Goods and Service Tax will be the revenue of State Government. • Value Added Tax, Entertainment Tax , Luxury Tax , Entry Tax etc. will be merged under SGST. For example, if goods are sold or services are provided within the State then SGST will be levied on such transaction.

  5. What is the Meaning of IGST ? • IGST means Integrated Goods and Service Tax. It is a part of GST • Covered under Integrated Goods and Service Tax Act 2016. • Revenue collected from IGST will be divided between Central Government and State Government • IGST will be charged on transfer of goods and services from one state to another state. Import of Goods and Services. if Goods or services are transferred from Punjab to Goa then the transaction will attract IGST

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