GST Rates in Business Central
💁Overview on the Concept of "Goods & Services" (GST) Tax in Business Central:-
✅GST (Tax Components) = IGST || CGST | SGST || UTGST.
✅The Explanated Theory is based on our Indian Localization.
✅In BC, GST Rates would be defined through "GST Rates" Setup (page).
✅You may Learn from the shared video that How to define "GST Rates" Lines in Business Central.
AND,
Here I have explained the easiest process to create GST Rates Lines in BC.
➡️Standard Concept of GST:
Goods & Services Tax (GST) levied/chargeable on both the thing related with Goods and (as well as) Services. This is a Transaction based Tax, charged on End-User (by Consumption). But, Tax burden passes from the removal of the goods from the store/warehouse/godown.
The GST Tax, covered under Indirect Taxation.
■ GST Tax Components are as follows;
🌿(1) GGST, and
🌿(2) SGST, or UTGST, or
🌿(3) IGST
Local or State GST Tax would be charged as SGST (State Goods & Services Tax).
Central Tax, would be charged as CGST (Central Goods & Services Tax).
□ State GST = Intra State Tax (Within the same State Territory), 'or' Local State Tax, and it is includes UTGST (Union Territory Goods & Services Tax).
□ Central GST = Charged by the Central Government.
□ IGST (Integrated Goods & Services Tax) = This is based on Inter State Tax (Transaction between two states, 'or' outside the state territory).
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