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How many types of taxes will be in Indian GST?
Answer & Solution
Correct Answer:
Option
B
There are three types of taxes :
1. State GST (SGST)/Union Territory GST (UTGST),
2. Central GST (CGST) and
3. Integrated GST (IGST)
1. State GST (SGST)/Union Territory GST (UTGST),
2. Central GST (CGST) and
3. Integrated GST (IGST)
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LoginSGST is levied on Goods and Service tax meant for states in India other than union territories where as UTGST is for Union Territories of India.
P.s. Yes, Although they both are same but a minor thing differentiate both of them and that is (state )& (union territory). As both of these terms are different from each other.
if intra state sales then we impose SGST & CGST.
If Inter state sales then we impose IGST.
if sales to union territory we impose UTGST
UTGST will account for all the taxations under union territories in India.