GST - NAV 2016
What is GST ? Goods and Services Tax(GST) is an Indirect Tax imposed on supply of goods and services or both. We need to remember that it is a destination or consumption based tax which is payable in the state in which the goods or services are consumed. Components of GST : 1. Central GST (CGST) : It is imposed by Centre on Intra-State supply of goods and services. It means that those transactions which happen within state are liable for Central GST(CGST) 2. State GST (SGST) : It is imposed by State on Intra-State supply of goods and services. It means that those transactions which happen within state are liable for State GST(SGST) 3. Integrated GST(IGST) : It is imposed by Centre on Inter-State supply of goods and services. It means those transactions which happen out of state are liable for Integrated GST(IGST) GST Registration Number : We have to remember that Registration number under GST is called Goods and Service Tax Payer Identification Number(GSTIN...