A study on facts and figures on GST in India on March 2018

GST is categorized into four components, i.e., UTGST (Union Territory Goods and Service Tax) CGST (Central Goods and Services Tax), SGST (State Goods and Services Tax) and IGST (Integrated Goods and Services Tax), charged by the Central government and State government Most of the countries followed the three types GST system while some countries like Canada followed a dual GST system, i.e., where tax is imposed by both the Central and State government. In India also dual system of GST is followed, i.e., CGST and IGST. Therefore, GST is a single indirect tax which will be levied on the product or service which is sold in the market. It will eventually replace multiple taxes such as Central Excise Duty, Central Sales Tax, State Sales Tax, Service Tax, special additional duty on customs, etc. Indirect taxes of State government like State VAT, Purchase Tax, Luxury Tax, Tax on Lottery and Gambling will be replaced by SGST. This three types tax structure will thus help in transforming the country into one unified common market. More than 150 countries have implemented GST so far.