What is the Full Form of GST
Full Form of GST
The full form of GST is “Goods and Service Tax”. GST is a single, indirect tax levied by the Government of India. It may be one of the country’s most significant tax reforms in the 20s. The bill is designed to bring together all indirect taxes including VAT, Central Excise Tax, Luxury Tax, Service Tax Act, Entertainment Tax, and Entry Tax all together in a single form.
To state it clearly, all products and services manufactured in the nation associated with the imported products would provide a standard indirect tax through GST, implying GST for all goods. The GST Act was passed in Parliament on March 29, 2017. The tax came into force on July 1, 2017. GST was brought to improve the nation’s economic growth and also to deal more effectively with taxes implies on various products. You can know more about GST at Wiki
Types of GST
Earlier we saw the full form of GST, here we are going to discuss the various types of GST. We have listed the types below.
Central Goods and Services Tax (CGST)
CGST is the main tax that directly relates to the central government of India. CGST is the tax levied on intrastate service and product distribution all over India. These taxes include the Central Excise Duty, Services Tax, Additional Excise Duty, CVD (Countervailing Duty), and the excise duty on the Medical & Toiletries Preparation Act.
Integrated Goods and Services Tax (IGST)
There are taxes that the government imposes on the products which are being traded within the two states of India. IGST applies to the taxes paid for the international delivery of services and goods. The products are, for example, traded among two states, including Karnataka and West Bengal the IGST would apply. Besides, IGST is imposed on exports as well as imports of services and products from India. At the top you can see the full form of GST.
State Goods and Services Tax (SGST)
Finally, the state government tax imposes which directly relates to the state government. SGST is the tax levied on goods and services provided within the boundaries of a given state. The act puts the various state taxes, such as luxury tax, state income tax, entry tax, entertainment tax, and so on under one umbrella. The state government imposes a tax on the products and goods which are being traded within the state. The products generally have 2 taxes implied on a single product which the central government takes and another one is the tax which goes to the state. Along with the full form of GST we have known about the types of GST.
Commodities not subject to GST
There are few products on which the government hasn’t embedded any types of taxes. A list of commodities does not belong to GST is listed below.
- Fillets & Fish
- Live animals
- Trees & live plants
- Dry fruits
- Edible grains
- Musical & Industrial instruments
- Pharmaceutical & Drugs
- Claws & hooves.
- Coffee & Teas
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