Types of gst: Discover the different types of

Discover the different types of GST in India: CGST, SGST, IGST, and UGST. Learn how each type functions and their impact on businesses and taxpayers. This guide discusses all types of GST , differences between them, real life examples, characteristics, advantages and disadvantages, and the most recent changes that are important to businesses and consumers in 2020. What are Types of GST in India? There are four broad categories of GST in India: CGST - Central Goods and Services Tax Input Tax Credit Under GST Input Tax is the GST charged on the goods or services supplied to a taxable person. Input Tax Credit means reducing or adjusting the taxes paid by an individual or firm on the inputs from the taxes to be paid by them on the output, i.e., the final product. In other words, it means to claim the credit of the GST paid by an individual or a firm on the purchase of goods or services used as a raw material for manufacturing the finished goods or services. The suppliers ... In simple words, GST is a tax applicable to the value added to goods and services at each stage in the supply chain. There are four types of GST , namely, CGST, SGST, IGST, and UTGST. Each type features different taxation rates applicable at the buyer’s end. If you are wondering how many types of GST are there in India, check out the following sections.