there are three types of taxes are there ,as shown in below
- CGST:Central Goods & Services Tax
- SGST:State Goods & Services Tax
- IGST:Integrated Goods & Services Tax
There are two types of supply transactions are there,as shown in below
- Intra state supply :If the state of supply and state of supplier are same then it is intra state supply. In intra state transaction, CGST & SGST will be charged. The CGST gets deposited with Central Government and SGST gets deposited with State Government.
- Inter state supply :If the state of supply and state of supplier are different then it is Inter state supply. In inter state transaction, IGST will be charged. IGST will be applicable on any supply of goods and services in both cases of import into India and export from India
What are the taxes that GST replaces?
- Central Excise Duty
- Service Tax
- Countervailing Duty
- Special Countervailing Duty
- Value Added Tax (VAT)
- Central Sales Tax (CST)
- Octroi
- Entertainment Tax
- Entry Tax
- Purchase Tax
- Luxury Tax
- Advertisement taxes
- Taxes applicable on lotteries.