What is difference between igst and sgst?

What is difference between igst and sgst?

Information 08.09.2017   0 Comments   555  Add to Reading List

I am giving the difference between IGST and SGST
For more information visit this link: IGST vs SGST

SGST (State GST)

  • Meaning: It is levied by State government to replace the existing tax like sales tax, luxury tax, entry tax, etc.
  • Applicability: 
    When trading within the same state.
    It will charged and collect by state government.
  • Input Tax Credit: The credit of SGST is available only against SGST and IGST.
  • It will replace taxes like VAT, Luxury tax and Entertainment Tax

IGST (Interstate GST)

  • Meaning: It is a combined form of CGST and SGST levied and collected by Central government.
  • Applicability: 
    When there is an interstate supply.
    It will be charged and collected by central government on interstate supply of goods and services.
  • Input Tax Credit: The credit of IGST is available against CGST, SGST and IGST.
  • It will replace taxes like CST(Central Sales taxes).

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