State the categories of G.S.T. - Economics

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Answer in Brief

State the categories of G.S.T.

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Solution

GST is classified into three types: central GST, state GST, and integrated GST.

Central GST - The central government levies CGST on intra-state supplies of goods and services. The central government collects it, which is 50% of the applicable tax rate. CGST is further classed into:

  1. Output CGST
  2. Input CGST

State GST - The state governments impose SGST on intrastate deliveries of goods and services. It is 50% of the applicable tax rate, and it is collected by state governments. SGST is further into:

  1. Output SGST
  2. Input SGST
Integrated GST - The central government levies IGST on interstate deliveries of goods and services. It is exclusively collected by the central government. IGST is further classified as follows:
  1. Output IGST
  2. Input IGST
Concept: Direct and Indirect Tax
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Chapter 5: Government Budget And The Economy - Exercises [Page 84]

APPEARS IN

NCERT Class 12 Economics - Introductory Macroeconomics
Chapter 5 Government Budget And The Economy
Exercises | Q 15.3 | Page 84
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