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Particulars
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Meaning
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SGST means State Goods & Service Tax
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CGST means Central Goods & Service Tax
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IGST means Integrated Goods & Service Tax
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Applicability
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Goods & Services transfers with in one State
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Goods & Services transfers with in One State
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Goods & Services transfers from one state to another state
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Whether Registration required or not
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Registration not required till the turnover crosses Rs. 20.00 lakhs (Rs. 10.00 lakhs for north east states)
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Registration not required till the turnover crosses Rs. 20.00 lakhs (Rs. 10.00 lakhs for north east states)
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Registration is compulsory
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Collection of Taxes
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State Government
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Central Government
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Central Government
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To whom Tax benefit
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Tax benefit to State Government
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Tax benefit to Central Government
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Tax benefit to Central Government & State Government proportionately
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Input Tax Credit used
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SGST Credit, first used to set off SGST payable, then adjusted with IGST Payable
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CGST Credit, first used to set off CGST payable, then adjusted with IGST Payable
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IGST Credit, first used to set off IGST payable, then adjusted with CGST Payable and then SGST payable
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Composition Scheme
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The dealer can opt composition scheme, whose aggregate turnover does not exceed Rs 1.5 crore threshold in a Financial Year. In case of Special category states, this limit is Rs 75 lakhs
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The dealer can opt composition scheme, whose aggregate turnover does not exceed Rs 1.5 crore threshold in a Financial Year. In case of Special category states, this limit is Rs 75 lakh.
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There is no option for composition scheme under Interstate sale
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Difference to earlier taxes
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SGST replaced the taxes like Local sales tax (VAT), Entertainment Tax, Luxury Tax, Surcharges & Cess etc.
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CGST replaced the taxes like Central Excise Duty, Additional Excise Duty, SAD, Service Tax, Surcharges & Cess etc.
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IGST replaced the taxes like Central Sales Tax (CST), Surcharges & Cess etc.
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