Goods and Services Tax (GST): Types of GST by 9Point Capital
The goods and services tax (GST) is India’s major tax reform since independence. Introduced in 2017, GST replaced a complex web of indirect taxes with a unified system, making taxation simpler, transparent and efficient. But understanding how GST works in India requires a clear grasp of its components: CGST, SGST, IGST and UTGST. In India, the Central and State Governments impose GST on the same transaction, which is divided into separate elements. This is known as the dual model. This guarantees a fair split of revenue between the Centre and the States and the preservation of transparency. Click here to read more.