MANAGEMENT

Detailed explanation-1: -The GST to be levied by the Centre on intra-State supply of goods and /or services would be called the Central GST (CGST) and that to be levied by the States would be called the State GST (SGST).

Detailed explanation-2: -This means that both CGST and SGST are applicable on all intra-state supply of goods and services. However, both the governments collect an equal proportion from the total tax rate levied on the intra-state supplies of goods and services.

Detailed explanation-3: -The IGST rate is equal to CGST rate plus SGST/UTGST rate. IGST is levied by the Central Government on all inter-State transactions of taxable goods or services.

Detailed explanation-4: -The Central GST and the State GST would be levied simultaneously on every transaction of supply of goods and services except the exempted goods and services, goods which are outside the purview of GST and the transactions which are below the prescribed threshold limits.