What is IGST in brief?

 

A Brief explanation about IGST



What is IGST in briefIGST is a part of Goods and Service Tax (GST).


IGST means Integrated Goods and Service Tax, one of the three categories under Goods and Service Tax (CGST, IGST and SGST) with a concept of one tax one nation. IGST 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 Tamil Nadu to Kerala, IGST is levied on such goods. The revenue out of IGST 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. 

 


The above information is a brief idea about IGST in simple and easy to understand.



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Comments


sai brahmam: What are the IGST exemptions on import. provide notificatons also

Biswajit Roy Chowdhury: As per PO signed total amount they give advance 50% and we delivery goods ( shipments ) 4 invoice but for delayed shipment they deduct and do not full payments as per invoice but we get drawback aper invoice so what will be taken action by customs? If we do not submit export details in bank with in BRC realization date what will be taken action by Customs? BRc realization date showed in EP or other copy issued by customs 31.01.2016 and 31.05.2016,,,31.01.2017...31.08.2017 ... but we submit documents in bank 08.05.2017

Narinder Pal Singh: Sir Is there any effect of the new GST regime on the import duties?, actually i will be importing sunglasses from chine and the duty rate id 28% but after the GST is there any change in the import duty rate or not?

M. JAYAPAL: we are Purchase some goods for other state from Tamilnadu and Sale the goods from tamilnadu to Other State. How to prepare the GST Tax % . Please give the detail.

Arun Kumar: Is IGST and CGST both are applicable or not for imported books and 2nd thing what is the tax % age applicable for books?

Arun patil: Can IGST be refundable as I buys wooden material from Kerala and sale it in Maharashtra can igst be refunded.

JOHN VARGHESE: Sir, ours is five star hotel and there are agents from different state of the county and they book room for their guest. The commissions are paid to them based on their invoices . The collect IGST@ 18%. Whether we can take Input Tax Credit for the IGST paid by us and how it will be adjusted in the CGST and SGST. For Example we pay 18,000.00 as IGST being 18% of Rs.1,00,000/ Commission. Whether we can deduct Rs.18,000/- from the CGST payable directly or Rs.9,000.00 each from CGST ans SGST respectively. A.V. John

Sebastian Cherian: I'm an NRI.I bought goods worth Rs1000 from a nearby shop and paid GST Rs180.Thus total invoice value is Rs1180.I purchased these goods to be taken to abroad.Now,what is my tax liability for taking these goods abroad?Will I be liable to pay IGST?Can I claim refund as a tourist on GST Rs180 paid?

NITIN P GUDAJ: can i get igst refunded on import of dry dates from oman ?

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