SGST Full Form in GST Explained
SGST stands for State Goods & Service Tax. It represents the tax levied by the state government on the intra-state supply of goods and services.
Understanding GST Structure
Within India's Goods and Services Tax (GST) regime, taxes are divided based on the nature of the transaction:
- Intra-state (within the same state) transactions are subject to both CGST (Central Goods and Services Tax) and SGST (State Goods and Services Tax).
- Inter-state (between different states) transactions are subject to IGST (Integrated Goods and Services Tax).
Identifying the Correct SGST Terminology
The term SGST specifically refers to the tax component collected by the state government.
- Option 1: State Goods & Service Tax accurately defines SGST.
- Options 2, 3, and 4 ('Statutory', 'Special', 'Systemic') are incorrect as they do not represent the official terminology used in the GST framework.
Therefore, the correct full form of SGST is State Goods & Service Tax.
Similar Questions
- Which of the following best defines globalisation in the context of post 1991 economic reforms in India?
- Which of the following is a distinct feature of a statutory corporation in India?
- When people are financed through the budget and a public good is made available free of any direct payment it is referred to as:
- Which of the following statements is NOT true regarding GST?
- As per DPIIT, which of the following sectors of Indian economy received the highest inflows of foreign direct investment (FDI) in 2019-2020?
- What are the four tax rates in India under GST?
- From which of the following nations did India receive the maximum FDI equity inflows in the fiscal year 2019-20?
- In the context of inflation, what does CPI mean?
- The ______ Five-Year Plan of India completed its term in March 2017.
Who said the following?
"No society can surely be flourishing and happy, of which the far greater part of the members are poor and miserable."
Important Questions from Economic and Financial Affairs
As per the Economic Survey 2020-21, India's real GDP growth is estimated to contract by ______ in financial year 2020-2021.
The Government of India has set a target of achieving how much solar power capacity by the year 2022?
Which of the following statements about the detailed corporate governance norms for listed companies issued in April 2014 by SEBI is/are correct?
1. It provides for stricter disclosures and protection of investor rights, including equitable treatment for minority and foreign shareholders
2. Under the new norms listed companies are required to provide the option of facility of e-voting to shareholders on all resolutions proposed to be passed at general meetings
Select the correct answer using the code given below.
Pradhan Mantri Jan-Dhan Yojana (PMJDY ) now has in excess of 472 million accounts. Which state has topped this List (as on October 12, 2022)?
In 2018, what was the investment in infrastructure as a percentage of GDP in India?
