Goods and Services Tax (GST) – three words that have dramatically transformed the taxation
landscape in India. Implemented in 2017, GST aimed to subsume a myriad of indirect taxes into
a unified system, making tax compliance simpler and more efficient. This revolutionary tax
structure has significantly reduced the cascading effect of taxes and streamlined various tax
categories. But, what truly revolutionised the system is the ability to make payments online.
Gone are the days of standing in long queues, waiting for your turn to pay taxes. Today, with a
few clicks, individuals and businesses can clear their GST payment dues from the comfort of
their homes, bringing efficiency and convenience into the Indian taxation realm.
1.CGST (Central Goods and Services Tax): Collected by the central government, CGST
is levied on intra-state sales. In simpler terms, if you’re selling goods or services within
your state, CGST comes into play.
2.SGST (State Goods and Services Tax): Working hand-in-hand with CGST on intrastate
sales, SGST is collected by the state government. For every intrastate transaction,
CGST and SGST are applied, dividing the tax between the Centre and the State.
Timely payment of these taxes is pivotal. Not only does it keep you in compliance and away
from penalties, but timely contributions also bolster the government’s revenue, aiding
infrastructural and developmental projects. Plus, with the online system in place, ensuring punctuality has never been easier.