FULL FORM OF GST

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FULL FORM OF GST              

GST stand for Goods and Services Tax. GST has been introduced to replace multiple indirect taxes levied by State and Central Governments in order to simplify the indirect tax system. GST has replaced almost 17 of the taxes which were imposed by the State and Central government. It is called Goods and Services Tax because it is applicable on the supply of both Goods and Services.

TYPES OF GST

          There are three taxes applicable under GST tax system.
1. CGST-  It is collected by the central government on an intra - state sale.
2. SGST-  It is collected by the state government on an intra - state scale.
3. IGST-  It is collected by Central Government for inter - state sales.

       Apart from the above three GSTs one more GST is there ie UTGST (Union Territory Goods and Services Tax) .It is levied on the supply of products and services in any of the union Territories in the country.

BENEFIT OF GST-



 1. Elimination of the cascading tax effect.
2. Manageable procedure
3. Simplified compliances
4. Composition scheme
5. Regulation of the unorganized sector

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FULL FORM OF NSCCL

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