What is GST? Type , & Tax

What is GST?

Goods and Service tax is an indirect tax levied on the supply of goods and services. This law has replace many indirect tax laws that previously existed in india.

Type of GST

The three type of GST in india are; Central Goods and Service Tax (CGST), State Goods and Services Tax (SGST), Union Territory goods and service tax (UTGST), and integrated goods and service tax(IGST).

CGST & SGST :- Under GST, CGST is a tax levied on intra state supplies of booth goods and services by the central government and will be governed by the CGST act. SGST will also be levied on the same intra state supply but will be governed by the state government.

IGST :- Under GST, IGST is a tax levied on all Inter-State supplies of goods and/or services and will be governed by the IGST Act. IGST will be applicable on any supply of goods and/or services in both cases of import into India and export from India.

UTGST :- UTGST, the short form of Union Territory Goods and Services Tax, is nothing but the GST applicable on the goods and services supply that takes place in any of the five territories of India, including Andaman and Nicobar Islands, Dadra and Nagar Haveli, Chandigarh, Lakshadweep and Daman and Diu called as Union.

GST Return form:-

GST - 1	Details of outward supply of goods or services to be filed monthly or quarterly.
GST - 3B	Monthly return containing details of taxes collected on outward supplies and details of taxes paid on input supplies.
GST - 4	Return for the composite dealer.
GST - 5	Goods and Services Tax Return of non-resident taxable person.
GST - 7	GST is a return to be filed by the persons who are required to deduct TDS (Tax deducted at source) under GST.
GST - 9	GSTR 9 is an annual return to be filed once in a year by the registered taxpayers under GST including those registered under composition levy scheme (GSTR 9A) and those engaged in the supply of goods of suppliers on electronic commerce platform. (GSTR 9B).