GST Ready Software.

Goods & Service Tax or GST will be levied on goods & services. It will replace all the various taxes & bring them under one umbrella to make compliance easier.

The GST to be levied by the Centre on intra-State supply of goods and /or services is Central GST (CGST) & that by the States is State GST (SGST). On inter-state supply of goods & services, Integrated GST (IGST) will be collected by Centre. IGST will also apply on imports. GST is a consumption based tax i.e. the tax should be received by the state in which the goods or services are consumed & not by the state in which such goods are manufactured. IGST is designed to ensure seamless ow of input tax credit from one state to another. One state has to deal only with the Centre government to settle the tax amounts & not with every other state, thus making the process easier.

What is SGST, CGST and IGST?

The GST to be levied by the Centre on intra-State supply of goods and /or services is Central GST (CGST) & that by the States is State GST (SGST). On inter-state supply of goods & services, Integrated GST (IGST) will be collected by Centre. IGST will also apply on imports. GST is a consumption based tax i.e. the tax should be received by the state in which the goods or services are consumed & not by the state in which such goods are manufactured. IGST is designed to ensure seamless ow of input tax credit from one state to another. One state has to deal only with the Centre government to settle the tax amounts & not with every other state, thus making the process easier.

gst structure explained