UNDERSTANDING GST, CGST AND SGST

GST stands for Goods and Services Tax, which is a comprehensive tax levied on the supply of goods and services in India.

CGST stands for Central Goods and Services Tax, which is a tax levied by the central government on intra-state supplies of goods and services.

SGST stands for State Goods and Services Tax, which is a tax levied by the state government on intra-state supplies of goods and services.

Both CGST and SGST are levied on the same taxable value of goods and services, but the revenue is divided between the central and state governments.

The GST system has replaced multiple indirect taxes such as excise duty, service tax, and value-added tax (VAT).

GST has simplified the tax structure and reduced the tax burden on businesses, while also increasing revenue for the government.

GST has also helped to create a unified market for goods and services across India, making it easier for businesses to operate and expand.