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What is GST? Goods & Services Tax Law in India is a complete, multi-stage, destination-based tax that is carried on every value addition. In other words, Goods and Service Tax is an indirect tax carried on the supply of goods and services. GST Law has restored many indirect tax laws that previously existed in India.
What is CGST? CGST full form is Central Goods and Service Tax. CGST refers to the Central GST tax that is collected by the Central Government of India on any transaction of goods and services tax takes places within a state. It is one of the two taxes charged on every inter state transaction, the other one being SGST . CGST restore all the existing Central taxes including Service Tax, Central Excise Duty, CST, Customs Duty, SAD, etc. The rate of CGST is usually equal to the SGST rate.
What is SGST? SGST full form is State Goods and Service Tax. It is one of the two taxes collect on every inter state transaction of goods and services. The SGST is extracted by the particular state where the goods are being sold or purchased. It will restore all the existing state taxes including VAT, State Sales Tax, Entertainment Tax, Luxury Tax, Entry Tax, State Cesses and Surcharges on any kind of transaction involving goods and services. The State Government is the sole applicant of the revenue earned under SGST.
What is IGST? Integrated GST is applicable on inter state transactions of goods and services, also on imports. This tax will be collected by the Central government and will further be distributed among the various states. IGST is charged when a product or service is transported from one state to another. IGST is in place to assure that a state has to deal with the Union government and not with every state separately to settle the interstate tax amounts.
How to pass accounting entries under GST? GST will be one assessment to subsume all duties. It will get One country one assessment administration. While there will be sure introductory progress challenges, GST will get much lucidity in numerous zones of business. One of the regions is bookkeeping and accounting. Read on to get some answers concerning bookkeeping passages under GST. Current situation: Isolate accounts must be kept up for extract, VAT, CST and administration impose. Here's a rundown of the few records right now any business needs to keep up (aside from accounts like buy, deals, stock) – ● ● ● ● ● ●
Extract payable a/c (for producers) CENVAT credit a/c (for producers) Output VAT a/c Input VAT a/c Input Service tax a/c Output Service tax a/c
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