CGST-full-form-Central-Goods-and-services-tax

What is the CGST Full Form ? | CGST Act in 2017, meaning and benefits

The CGST full form describes as Central Goods and Services Tax. The tax under the central government.

As the reason the CGST Act, all revenue collected by central government and it is cover under Indirect tax system of the India.

CGST Full Form applied on Intra-State supply within same state’s transactions. Central Government levied and collected all revenue. 

The GST tax preferably levied on transaction value of goods and services or on both. Therefore, CGST also levied on transaction value.

Different Types of GST FULL FORM:

Types-of-gst-diagram
Types-of-gst-diagram

brief Introduction of CGST full form:

According to the Government of India Central Goods and Services Act, 2017 enacted on goods and services or both.

This act comes into force on 22nd June 2017. The CGST tax specify’s in section 15 of the act.

What is the CGST Full Form ? | CGST Act in 2017, meaning and benefits
Central-Goods-and-Services-CGST-Act-2017-Comes-into-force-on-22-June-2017

The CGST full form directly related to the Central Government. Under this act, all revenue is collected by only the Central Government at the rate as specified.

CGST also implied on 1st July 2017 in India, becoming individual act that were applicable overall in India. 

CGST full form is a type of GST in between other four kinds of GST as SGST, IGST, UTGST, and CGST.  

Central Goods and Services tax collected on goods and services which demanded and supply by person to person within the same state (Intra-state transactions).

Intra-state transactions occurs in between the same state or the same Union territory.

India is having Dual GST pattern Federal government and State government, so this act (CGST ACT 2017) belongs to the union government.

The act does not include as other taxes in their supplies that are alcoholic liquor for human consumption.

Taxes which subsumed in CGST:

  • Central Excise Duty 
  • Additional Excise Duty
  • Special Excise Duty
  • Service Tax
  • Central Sales Tax       
CGST-full-form-centeral-goods-and-services-tax
CGST-full-form-centeral-goods-and-services-tax

Rates Specified For CGST:

The Central Government of India specifies the rates in the notification from time to time.

Terms of Enactment:

After the sixty-eight years of the Republic India enactment made by the Parliament of India

The CGST amended whenever it requires and lays down on the basis of order to amend Central Government rules 2017.

This amendments declares officially on the governments site, they amended from existence of GST Act 2017.

http://gstcouncil.gov.in/cgst

There three amendend delclared by the Government from GST Act 2017 till 2019.

  • First Amendment of CGST Rules, 2017
  • Second Amendment of CGST Rules, 2017
  • Third Amendment of CGST Rules, 2017

The CGST Amendment Act 2018 implemented on 29 January 2019 via publishing official Gazette Notification No. 02/2019 – Central Tax.

Terms for that:
  • Enactment shall be specified for The Central Goods and Services Tax Act 2017.
  • The act gets notified by the Central Government in the notification in Official gazette.

distinguish between CGST and SGST

PointsCGST ACTSGST ACT
Full form stands ForThe CGST full form states as Central Goods and Services Tax Act 2017The SGST full From states that the State Goods and Services Tax Act 2017
The meaning of the actThe CGST act is a Central Government’s act on supply of Goods and Services or on both. Hence, it called Central Goods and Services Tax.The SGST act is a State Government’s act that applies only on supply of Goods and Services or on both. Hence it said State Goods and Services Tax.
The Act applicable onWhenever the transaction supply of goods and services or both within same state i.e., it is an intrastates supply applicable in CGST act.Whenever goods and services or both transacted within the same state there is applicability for intrastate supply of SGST act.
Collected and Levied byThe CGST act is under control of the Central Government. Hence, it wiil be levy and collect by the Central Government.The SGST act is govern by the State Government. States were generates revenue under this act. Hence, the levy and collection made by State Government.
Taxes substituted by actCentral Excise Duty 
Additional Excise Duty
Special Excise Duty
Service Tax
Central Sales Tax     
VAT (Value Added Tax) or Sales tax
Luxury Tax
Octroi
Entertainment Tax
Purchase Tax
Tax on betting or gambling or lottery
Levy and Collection Tax:
  • Tax levied under Central Goods and Services Taxes on goods and services or both.
  • CGST full form excepts alcoholic liquor for human consumption.

Distinguished between CGST and IGST

Points CGST IGST
Full Form of the actsThe CGST full form states as Central Goods and Services Tax Act 2017The IGST full form considered to be Integrated Goods and Services Tax Act 2017
The meaning of the actThe CGST act is a Central Government’s act on supply of Goods and Services or on both. Hence, it called Central Goods and Services Tax.The IGST tax meaning as Integrated Goods and Services Tax Act 2017. It calculated by the Central Government
The Act applicable onWhenever the transaction supply of goods and services or both within same state i.e., it is an intrastates supply applicable in CGST act.The IGST act govern by the Central Government on the supply of Goods and Services or on both. The supply made between two states i.e., interstate supply applicabe in IGST act.
Collected and Levied byThe CGST act is under control of the Central Government. Hence, it wiil be levy and collect by the Central Government.The IGST act is under control of the Central Government. Hence it will be lavy and collected by the Central Government.
Taxes substituted by actCentral Excise Duty 
Additional Excise Duty
Special Excise Duty
Service Tax
Central Sales Tax     
Central Sales Tax (CST)
This tax replaced by IGST which having purpose of enactment to apply on inter state supply of transactions.
Revenue sharedThe CGST levy by central government and total revenue collected by Centre and also utilized by Centre.The IGST act levy and collected by Centre but the revenue generated shares amongst state and centre as per proportion.

What is the Cgst?

The CGST act means Central Goods and Services Tax Act 2017, the act covered under the Central Government his total revenue collected only by the Centre and it is one of the components of the GST Act 2017.

What is Cgst example?

The Dealer in Rajasthan shall supply Goods and Services or both to another person and the GST leviable at the rate of 28%. Then, the CGST applicable at 14% as the centre’s revenue if the transaction amount is Rs. 1000. Hence, 280 rupees is the GST amount and half of this 140 rupees contains CGST tax.

Is SGST same as Cgst?

No, the SGST and CGST both are the components of GST. The SGST is under control of State Government so the generated revenue goes to state. Besides the CGST collected revenue goes to Central Government.

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