What is IGST – Integrated GST (Integrated Goods and Services Tax) – GST is a multi-stage value-added tax on the consumption of goods or services or both.
Central tax (CGST):
Central tax (CGST) is levied & collected under the authority of the CGST Act, 2017 was passed by the Parliament.
State tax (SGST)
It is levied & collected under the authority of the SGST Act, 2017 and was passed by the respective State.
What is IGST?
An Act to make a provision for levy and collection of tax on inter-State supply of goods or services or both by the Central Government and for matters connected therewith or incidental thereto.
IGST rate= CGST rate + SGST rate ( more or less)
The IGST Act contains of the following:
- 9 Chapters
- 25 Sections
- 8 Definitions
- CHAPTER I – PRELIMINARY
- CHAPTER II – ADMINISTRATION
- CHAPTER III – LEVY AND COLLECTION OF TAX
- CHAPTER IV – DETERMINATION OF NATURE OF SUPPLY
- CHAPTER V – PLACE OF SUPPLY OF GOODS OR SERVICES OR BOTH
- CHAPTER VI – REFUND OF INTEGRATED TAX TO INTERNATIONAL TOURIST
- CHAPTER VII – ZERO RATED SUPPLY
- CHAPTER VIII – APPORTIONMENT OF TAX AND SETTLEMENT OF FUNDS
- CHAPTER IX – MISCELLANEOUS