Which of the following is NOT a valid type of GST implemented in India?
- ACGST
- BIGST
- CSGST
- DQGST
Solution & Step-by-step Explanation
Under the dual Goods and Services Tax (GST) model implemented in India, there are three main types of taxes collected depending on the nature of transaction, plus a Union Territory version:
* CGST: Central Goods and Services Tax (collected by the Central Govt on intra-state trade)
* SGST: State Goods and Services Tax (collected by the State Govt on intra-state trade)
* IGST: Integrated Goods and Services Tax (collected by the Central Govt on inter-state trade)
* UTGST: Union Territory Goods and Services Tax
* QGST does not exist.
* CGST: Central Goods and Services Tax (collected by the Central Govt on intra-state trade)
* SGST: State Goods and Services Tax (collected by the State Govt on intra-state trade)
* IGST: Integrated Goods and Services Tax (collected by the Central Govt on inter-state trade)
* UTGST: Union Territory Goods and Services Tax
* QGST does not exist.