Different Types of GST FULL FORM:
- CGST full form (Central Goods and Services Tax)
- SGST full form (State Goods and Services Tax)
- IGST full form (Integrated Goods and Services Tax)
- UTGST full form (Union Territory Goods and Services Tax)
CGST FULL FORM: (CENTRAL GOODS AND SERVICES TAX):
CGST Full-Form as specified as Central Goods and Services Tax, which applied on Intra-State supply. Central Government levies it.
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 full form of CGST that genuinely means is directly related to the Central Government. Under this act, all revenue is collected by only the Central Government at the rate as specified.
CGST is also implied on 1st July 2017 in India, becoming individual acts that were applicable overall in India except for Jammu and Kashmir.
CGST full form is a type of GST in the other four kinds of GST as SGST, IGST, UTGST, and CGST.
Central Goods and Services tax collected on goods and services which were demanded and supply by person to person within the same state (Intra-state amount). Intra-state amount 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.
Difference between Intrastate supply and Interstate supply:
If the transactions of goods and services or both having location of amount and place of supply is within the same state, then it does means Intra-state Supplies.
If LOS and POS is within the same state
The transactions of supply of goods and services or both having location of amount and place of supply in two or more different states, then it does mean Interstate supply.
If LOS and POS is two or more state
Taxes which subsumed in CGST:
- Central Excise Duty
- Additional Excise Duty
- Special Excise Duty
- Service Tax
- Central Sales 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.
Terms for that:
- Enactment shall be specified for The Central Goods and Services Tax Act 2017.
- It shall extend for all of India except Jammu and Kashmir.
- The act gets notified by the Central Government in the notification in Official gazette.
Administrative officers for this act:
- Principal Chief Commissioners of the Central Tax
- Principal Directors General of the Central Tax
Levy and Collection Tax:
- Tax levied under Central Goods and Services Taxes on goods and services or both.
- CGST full form excepts alcoholic liquor and Rates on a value determined not exceeding 20%