GST is called Goods and Services Tax. In this video you will understand the basic meaning and structure of GST and how GST is charged by supplier at the time of supply of goods and services.
It is to be noted that GST is a Value added tax i.e. the tax paid at the time of purchase of goods/services are allowed to be set off or utilized as input tax against the payment of output tax on sale of goods/services. Therefore, the input and output GST are recorded under separate accounts as Input GST and Output GST. The Excess of output GST over the input GST is required to be deposited by the business to the government account as per prescribed rules and regulations.
Central Goods and Services Tax (CGST) & State Goods and Services Tax (SGST)
CGST and SGST are levied on intra-state (within the state) supply of goods and/or services or both. CGST and SGST is levied at half the prescribed rate of GST each. For example, if prescribed rate is 12%, CGST and SGST will be levied @ 6% each.
Integrated Goods and Services Tax (IGST)
IGST is levied on inter-state (outside the state or from one state to another) supply of goods and/or services or both. It is levied at the prescribed rate of GST. For example, if prescribed rate is 12%, IGST will be levied @ 12%.
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This channel helps you understand the concepts related to :
Class 11 Accountancy
Class 11 Economics
Class 12 Accountancy
Class 12 Economics
CA and CS Foundation basics
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CA Manish Mahajan is a first class commerce graduate from Panjab University, having done his graduation in B.Com (Finance Hons.) from GGDSD College, Chandigarh. He qualified Chartered Accountancy course in 2010 and was placed in merit list (31st All India Rank in Final and 22nd All India Rank in Foundation). He possesses a vast experience of more than 15 Years in teaching Accountancy, Economics and Mathematics to the students of Classes +1 and+2 and also mentored the students of B.Com and CA. He has authored the books on Accountancy, Economics and Indirect Tax Laws. His unique lecture delivery and practical method of teaching, helps the student to easily grasp and remember the subject.
This Channel provides all the educational content for the students of class 11 and class 12 for subjects Accounts and Economics. Here you get regular & organized content for complete course study.
CA Manish Mahajan
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Concepts Commerce Academy
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