Goods and Services Tax, GST is an indirect tax for the entire nation. There are four different types of GST as listed below:
- The Central Goods and Services Tax (CGST): Levied by the State Government of every state, SGST replaces every kind of existing state tax that include Sales Tax, Entertainment Tax, VAT, Entry Tax, etc.
- The State Goods and Services Tax (SGST): It is the Central Tax levied on transactions of goods and services which take place within a state.
- The Union Territory Goods and Services Tax (UTGST): Levied when the movement of products and services occur from one state to another.
- The Integrated Goods and Services Tax (IGST): Applicable on the Intra UT supply of goods and services, the aim to impose UTGST is to apply a collection of the tax to provide benefits as same as SGST.