5. GST Taxes
GST Taxes Data:
-
S NO (Serial Number): This column lists the sequential numbers (1, 2, 3, etc.) for each GST tax rate entry.
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TAX NAME: This represents the name of the GST tax rate. For example:
- GST 0% (no tax),
- GST 5% (5% tax),
- GST 12% (12% tax), and so on.
-
GST PERCENTAGE (%): This column shows the overall GST percentage applicable to a product or service in that category. For example:
- GST 0% means no tax.
- GST 5% means a 5% tax on the product or service.
-
CGST PERCENTAGE: CGST stands for Central Goods and Services Tax. It is the part of the GST that goes to the central government. This column shows the percentage of CGST that is applicable.
- For example, in GST 5%, the CGST percentage is 2.5%.
-
SGST PERCENTAGE: SGST stands for State Goods and Services Tax. It is the portion of the GST that goes to the state government. The SGST percentage is often the same as the CGST percentage for intra-state transactions (where the sale happens within the same state).
- For example, in GST 5%, the SGST percentage is also 2.5%.
-
IGST PERCENTAGE: IGST stands for Integrated Goods and Services Tax. This tax is applicable for inter-state transactions (when goods or services are sold across states). The IGST percentage is shown here.
- For example, in GST 5%, the IGST percentage is 5%.
-
PURCHASE LEDGER: This refers to the ledger account used for recording purchase transactions related to this GST tax rate. For instance, if a product falls under GST 18%, the purchase ledger will show "Input CGST @ 9%" and "Input SGST @ 9%" for tax recording.
-
SALES LEDGER: This refers to the ledger account used for recording sales transactions related to this GST tax rate. For example, for GST 18%, the sales ledger will show "Output CGST @ 9%" and "Output SGST @ 9%" for tax recording.
GST Taxes List
| S NO | TAX NAME | GST PERCENTAGE (%) | CGST PERCENTAGE | SGST PERCENTAGE | IGST PERCENTAGE | PURCHASE LEDGER | SALES LEDGER |
|---|---|---|---|---|---|---|---|
| 1 | GST 0% | 0.00% | 0% | 0% | 0% | Input CGST @ 0% | Output CGST @ 0% |
| 2 | GST 5% | 5.00% | 2.5% | 2.5% | 5% | Input CGST @ 2.5% | Output CGST @ 2.5% |
| 3 | GST 12% | 12.00% | 6% | 6% | 12% | Input CGST @ 6% | Output CGST @ 6% |
| 4 | GST 18% | 18.00% | 9% | 9% | 18% | Input CGST @ 9% | Output CGST @ 9% |
| 5 | GST 28% | 28.00% | 14% | 14% | 28% | Input CGST @ 14% | Output CGST @ 14% |
| 6 | GST 4.5% | 4.50% | 2.25% | 2.25% | 4.5% |