What are the components of GST?

Solution:

The following are the Main components of GST:​​​​​​

1. Central GST (CGST):Revenue under CGST is collected by the Central Government. CGST subsumes the below given central taxations and levies:

• Central Excise Duty
• Services Tax
• Central Sales Tax
• Excise Duty
• Additional Excise Duties Countervailing Duty (CVD)                                                                                                           

2. State GST (SGST): Revenue under SGST is collected by the State Government. SGST subsumed the following state taxations.

• Luxury Tax
• State Sales Tax
• Entry tax
• Entertainment Tax
• Levies on Lottery

3. Union Territory GST (UTGST) : Union Territory Goods and Service Tax (UTGST) was also introduced to account for all the taxations in the Union Territories of India.

4. Integrated GST (IGST): IGST is charged when there is movement of goods from one state to another state. The revenue will be collected by the central government and accordingly will be shared between the Union and states in the manner prescribed by Parliament or GST Council.