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The full form of CGST under GST law is Central Goods and Service Tax. It is called as CGST Act 2017. The CGST act has been enacted to make a provision for levy and collection of tax on intra-state supply of goods or services or both by the Central Government and the matters connected therewith or incidental thereto.
Under erstwhile taxation laws, Central Government levied taxes on, manufacture of certain goods in the form of Central Excise duty, provision of certain services in the form of service tax, inter-State sale of goods in the form of Central Sales tax.
Similarly, the State Governments levied taxes on retail sales in the form of value added tax, entry of goods in the State in the form of entry tax, luxury tax and purchase tax, etc. Accordingly, there is multiplicity of taxes which are being levied on the same supply chain.
Difficulties faced under erstwhile taxation laws shall be listed as below :
In view of the aforesaid difficulties, all the above mentioned taxes are subsumed in a single tax called the goods and services tax which will be levied on supplies which includes goods and services at each stage of supply chain starting from manufacture or import and till the last retail level.
So any tax which were levied by the Central Government or the State Governments on the supply of goods or services has now been converged in goods and services tax, which is a dual levy where the Central Government will levy and collect tax in the form of central goods and services tax (CGST Act 2017) and the State Government will levy and collect tax in the form of state goods and services tax (SGST Act 2017) on intra-State supply of goods or services or both.
The features of Central Goods and Services Tax Act, 2017, are as follows :
Know Other Types of GST
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GST Software, GST Calculator, GST on Freight, GST on Ecommerce, GST Impact on TCS, GST Impact on TDS, GST Exempted Goods & Services, Reverse Charge Mechanism in GST, GST Declaration
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