GST
CGST (Central Goods and Services Tax)
Central government's share of GST on intra-state supplies.
Full Definition
Central Goods and Services Tax (CGST) is levied by the Central Government on intra-state (within the same state) supply of goods and services. CGST is exactly half of the applicable GST rate for intra-state transactions (the other half is SGST). For example, GST rate = 18% → CGST = 9% + SGST = 9%. CGST revenue goes to the central government. Governed by the CGST Act, 2017.
More GST terms
GSTIN (Goods and Services Tax Identification Number)
Unique 15-digit registration number assigned to every GST-registered business.
GSTR-1
Monthly/quarterly return for outward supplies (sales) filed by GST-registered businesses.
GSTR-3B
Monthly summary return where GST liability is declared and payment made.
GSTR-9 (GST Annual Return)
Annual reconciliation return filed by regular GST taxpayers, summarising the full year's GST transactions.
ITC (Input Tax Credit)
Credit available to GST-registered businesses for GST paid on business purchases, which reduces their GST payable.