Goods and Service Tax

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GST is an indirect tax levied by the Centre and State governments on the supply of goods and providing services. It is based on the principle of 'one nation, one tax' and was implemented on 1st July 2…

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A dealer is a person, firm, or company who buys goods or provides services. Registration of a dealer is mandatory under GST, and only a registered dealer can charge and collect GST on the sale of good…

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Intra-state sales: Sales of goods and services within the same state or union territory. Inter-state sales: Sales of goods and services outside the state or union territory. The type of sale determine…

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Input GST: GST paid by a dealer when purchasing goods and services. Output GST: GST collected from customers by a dealer when selling goods and services. The difference between these determines the ne…

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1. CGST (Central Goods and Service Tax) 2. SGST (State Goods and Service Tax) or UTGST (Union Territory Goods and Service Tax) 3. IGST (Integrated Goods and Service Tax) CGST and SGST/UTGST apply to i…

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CGST and SGST (or UTGST) are levied on intra-state sales, i.e., sales within the same state or union territory. In this case, GST is divided equally between the Centre and State governments. For examp…

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IGST (Integrated Goods and Service Tax) is levied on inter-state sales, i.e., sales outside the state or union territory. This tax goes entirely to the Central government. For example, if GST rate is …

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Net GST paid = Output GST - Input GST = GST on S.P. - GST on Purchase Price = GST on (S.P. - Purchase Price) = GST on Value Addition This formula helps calculate the actual GST liability of a dealer.