Before you get worried about GST
Posted: Mon Jan 27, 2025 9:17 am
There are some types of GST and which GST or how much GST tax you will have to pay is explained in this article.
Types of GST
GST is a very important tax for the Indian government, which plays an important role in the country's earnings. Because GST tax has been implemented after abolishing 17 different taxes in India.
There are total four types of GST:
CGST: This tax is levied by the central government. If you do any kind of business anywhere in India or buy and sell any goods, then you will have to pay CGST.
S GST: This tax is levied by the state government kuwait whatsapp data in India. If you are a resident of a state and you are doing any kind of business in that state or buying and selling any goods, then you will have to pay SGST to your state government.
UT GST: As we know, there are some states and union territories in India, the tax levied in all those territories is called UTGST.
I GST: This tax is levied by the central government. When you send any goods from one state to another, then I GST is levied.
Also read: How to be successful in business?
Which GST is levied when?
When GST was implemented by the government, the reason why many people were troubled was that they thought that the government would collect all four types of GST from them at once.
understand that you have to pay only two types of GST no matter what kind of business you are doing or what kind of goods you are buying and selling.
If you are doing business in India or buying any goods in India, then you will have to pay C-GST in any case. When you buy, sell or trade any goods, then you will have to pay S-GST to your state government.
Similarly, if you are doing your business in any Union Territory, then you will have to pay UT GST along with C GST or when you do your business from one state to another in India, then you will have to pay only I GST.
GST Composition Scheme
Composition scheme has been introduced for small businessmen. The advantage of composition scheme is that businessmen have to pay only 2% of their total turnover as tax and in addition to this, they have to follow very few rules of GST, even if they do not keep much details, it will work.
Types of GST
GST is a very important tax for the Indian government, which plays an important role in the country's earnings. Because GST tax has been implemented after abolishing 17 different taxes in India.
There are total four types of GST:
CGST: This tax is levied by the central government. If you do any kind of business anywhere in India or buy and sell any goods, then you will have to pay CGST.
S GST: This tax is levied by the state government kuwait whatsapp data in India. If you are a resident of a state and you are doing any kind of business in that state or buying and selling any goods, then you will have to pay SGST to your state government.
UT GST: As we know, there are some states and union territories in India, the tax levied in all those territories is called UTGST.
I GST: This tax is levied by the central government. When you send any goods from one state to another, then I GST is levied.
Also read: How to be successful in business?
Which GST is levied when?
When GST was implemented by the government, the reason why many people were troubled was that they thought that the government would collect all four types of GST from them at once.
understand that you have to pay only two types of GST no matter what kind of business you are doing or what kind of goods you are buying and selling.
If you are doing business in India or buying any goods in India, then you will have to pay C-GST in any case. When you buy, sell or trade any goods, then you will have to pay S-GST to your state government.
Similarly, if you are doing your business in any Union Territory, then you will have to pay UT GST along with C GST or when you do your business from one state to another in India, then you will have to pay only I GST.
GST Composition Scheme
Composition scheme has been introduced for small businessmen. The advantage of composition scheme is that businessmen have to pay only 2% of their total turnover as tax and in addition to this, they have to follow very few rules of GST, even if they do not keep much details, it will work.