In simple words, GST is a tax applicable to the value added to goods and services at each stage in the supply chain. There are four types of GST , namely, CGST, SGST, IGST, and UTGST. Each type features different taxation rates applicable at the buyer’s end. If you are wondering how many types of GST are there in India, check out the following sections. Learn how GST classification works for goods and services, its importance, key schedules, HSN codes, and interpretative rules guiding correct tax rate determination. CGST, SGST, IGST & UTGST are the 4 components or types of GST with a concept of one tax one nation. Read the details of CGST, SGST, IGST & UTGST. Types of GST The main types of GST are determined based on the nature of the transaction, and include: Inter-state transactions: These transactions occur between two different states, where the GST is allocated between the Central government and the state where the goods are consumed or the service is utilised. Intra-state transactions: A transaction that takes place within the same state is referred to as an intra-state transaction. In this case, the GST is shared between the Central ...
