The government proposed a well-liked tax structure known as GST(Goods_Services Tax). It is a form of tax specifically created for goods and services, as the name implies. People are generally responsible for paying a number of taxes, including the VAT (Value Added Tax), as well as customs duty, excise duty, service tax, and octroi. To form a GST, the aforementioned levies were combined. When compared to an indirect tax, the rate of the goods and services tax is fairly low at 0% to 28%.
Proposed GST
Dual GST: On the same basis, the Centre and the States will tax GST simultaneously along the whole value chain. On every provision of products and services, a tax will be imposed.
- CGST: On intrastate supply, the center would levy and collect the Central Goods and Services Tax (CGST).
- SGST: States would charge and collect State Goods and Services Tax on all transactions taking place inside their borders.
- IGST: The Center would tax and collect the Integrated Goods and Services Tax on all interstate sales of goods and services, allocating a part to the concerned state.
