CGST, IGST, and SGST are three components of the Goods and Services Tax (GST) system in India. The difference between them is as follows: In summary, CGST is levied on the supply of goods and services within the country, SGST is levied on the supply of goods and services within the state, and IGST is … Continue reading Difference between CGST, SGST and IGST
Category: GST
What is IGST?
IGST stands for Integrated Goods and Services Tax. It is a tax levied by the central government on the inter-state supply of goods and services in India. Interstate supply refers to the supply of goods or services from one state to another state within the country. In such cases, the IGST is levied in addition … Continue reading What is IGST?
What is SGST?
State Goods and Service Tax (SGST) SGST, which stands for State Goods and Service Tax, signifies the imposition of tax by the state government on the exchange of goods and services. The revenue amassed through SGST finds its way back into the state’s coffers. This implies that SGST is specifically concerned with the taxation of … Continue reading What is SGST?
What is OIDAR under GST?
In the contemporary realm, the proliferation of online media and services has achieved nothing short of the extraordinary. The world has borne witness to the remarkable prowess and seamless practicality of digital platforms, particularly during the lockdown, where sectors such as advertising, media, education, and gaming stood out with exponential growth. This surge has transcended … Continue reading What is OIDAR under GST?
Resolving Pending GST Disputes — A Call to Action
The Goods and Services Tax (GST), a cornerstone of India’s economic reform, aimed to streamline the nation’s indirect tax structure, fostering a unified marketplace for goods and services. Yet, its success hinges on an effective dispute resolution system, a crucial element for minimizing litigation costs while ensuring efficient dispute resolution. Disputes under GST often arise … Continue reading Resolving Pending GST Disputes — A Call to Action
GST Rate on Ethanol Reduced from 18% to 5% by Centre
The recent decision by the central government to slash the GST rate on ethanol from 18% to a mere 5% marks a pivotal step in driving the Ethanol Blended Petrol (EBP) Program. This strategic move was underlined by Rameswar Teli, the Minister of State for Petroleum and Natural Gas, in response to a parliamentary query. … Continue reading GST Rate on Ethanol Reduced from 18% to 5% by Centre
Arrests within the realm of GST enforcement still linger in a zone of uncertainty.
At the core of taxation lies the well-being of the populace. While indirect tax laws primarily aim at recovering revenue and imposing fines, they also grant the authorities the power to take stringent actions, including making arrests, against those who exploit the provisions of these laws. The ability to arrest an individual traces its origins … Continue reading Arrests within the realm of GST enforcement still linger in a zone of uncertainty.
Dual GST — A Discussion
The Dual GST Approach Crafting a destination-based Goods and Services Tax (GST) system presents intricate challenges in a country like India, where the authority to tax domestic trade is divided between the state and central governments. Implementing a conventional nationwide GST without undermining state autonomy is unfeasible. This dilemma is resolved through India’s adoption of … Continue reading Dual GST — A Discussion
What is the Dual GST Structure?
The Dual GST framework stands as a hallmark of India’s taxation system, celebrated for its straightforwardness and dual components. This tax model features two main types: the Central Goods and Services Tax (CGST) and the State Goods and Services Tax (SGST). Together, they create a balanced and efficient tax structure that aligns perfectly with India’s … Continue reading What is the Dual GST Structure?