GST is Goods & Service Tax law in India. GST is a multi-stage, descriptive, destination-based tax system. GST will be levied on every value addition.In other words, GST is a tax levied on the supply of goods and services. GST has replaced many indirect tax laws that previously existed in India.
The tax system was as follows
Components of GST
CGST stands for Central GST. This is applicable to supplies within the State Tax collected will be shared with Centre.
SGST stands for State GST. This is applicable to supplies within the State Tax collected will be shared with state.
IGST stands for Integrated GST. This is applicable to interstate and import transactions Tax collected is shared between Centre and State.
UTGST stands for Union Territory GST. This is applicable to supplies within union territory Tax collected will be shared with union territory
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