What is IGST – Integrated GST (Integrated Goods and Services Tax)

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

An aspiring M.SC. student formed an obsession with Blogging, SEO, Digital Marketing, and Helping Beginners To Build Amazing WordPress Websites.

Sharing Is Caring:

Leave a Comment