What You Should Know About CGST, SGST and IGST?
Since the roll out of GST in 2017, traders and businesses across states in India made drastic attempts to comprehend and quickly adapt to the new tax regulation. Despite the initial trouble of compliance and implementation, the economy has collectively come to admit the benefit of replacing multiple taxes such as VAT, central excise and service tax with a unified tax liability. GST is applicable at state, central and international level and this is purely based on the destination where the goods and services are consumed and the tax is levied on end user who receives the commodity or services rather than on the state where they are manufactured. Simply put, this categorization of GST is determined by the supply of goods and service at interstate or intrastate level. What are Interstate and Intrastate Transactions? Interstate supply or import of goods and services is when the place of supplier or manufacturer and place of supply are in different states. Addi...