What is IGST

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asked Jun 22, 2017 in GST by anonymous

1 Answer

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answered Jun 23, 2017 by admin (460 points)

IGST or Integrated Goods and Service Tax is a part of Goods and Service Tax (GST), one of the three categories under Goods and Service Tax (CGST, IGST and SGST) with a concept of one tax one nation. IGST or Integrated Goods and Service Tax falls under Integrated Goods and Service Tax Act 2016.

IGST is charged when movement of goods and services from one state to another. For example, if goods are moved from Haryana to Karnataka, IGST or Integrated Goods and Service Tax is levied on such goods. The revenue out of IGST or Integrated Goods and Service Tax is shared by state government and central government as per the rates fixed by the authorities.
 
As per GST Law: Under the GST regime, an Integrated GST (IGST) would be levied and collected by the Centre on inter-State supply of goods and services. Under Article 269A of the Constitution, the GST on supplies in the course of interState trade or commerce shall be levied and collected by the Government of India and such tax shall be apportioned between the Union and the States in the manner as may be provided by Parliament by law on the recommendations of the Goods and Services Tax Council. 

For more information, please visit https://www.bankcircle.in/blog/tag/gst

commented Jun 23, 2017 by admin (460 points)
For more information about GST or Goods and Services Tax Registration number, please visit https://www.bankcircle.in/blog/tag/gst

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