Please help me!;
Dear student,
CGST: CGST stands for Central goods and services tax. This account came into existence in case of intrastate sales or purchase. CGST is levied as 50% of the total applicable tax rate. For instance, if the applicable tax rate is 12% the amount of CGST will be 6% of the transaction value. At the time of purchase, the CGST input account is debited and at the time of sales, the CGST output account is credited.
SGST: Under GST, SGST is a tax levied on Intra State supplies of both goods and services by the State Government and will be governed by the SGST Act
IGST: Under GST, IGST is a tax levied on all Inter-State supplies of goods and/or services and will be governed by the IGST Act. IGST will be applicable on any supply of goods and/or services in both cases of import into India and export from India.
For further queries, please start a new thread to get rapid assistance from our experts.
Regards
CGST: CGST stands for Central goods and services tax. This account came into existence in case of intrastate sales or purchase. CGST is levied as 50% of the total applicable tax rate. For instance, if the applicable tax rate is 12% the amount of CGST will be 6% of the transaction value. At the time of purchase, the CGST input account is debited and at the time of sales, the CGST output account is credited.
SGST: Under GST, SGST is a tax levied on Intra State supplies of both goods and services by the State Government and will be governed by the SGST Act
IGST: Under GST, IGST is a tax levied on all Inter-State supplies of goods and/or services and will be governed by the IGST Act. IGST will be applicable on any supply of goods and/or services in both cases of import into India and export from India.
For further queries, please start a new thread to get rapid assistance from our experts.
Regards