What is Interstate dealer and seller
The details about Interstate dealer and seller are explained here.
Inter State Dealer
Interstate dealer means a Trader who deals in purchasing and selling of goods and services within the state
Inter-State Goods and Services (IGST) – Inter-State seller
The inter-state seller will pay IGST on value addition after adjusting available credit of IGST, CGST and SGST on his purchases. The exporting state will transfer to the centre the credit of IGST while discharging his output tax liability in his own state. The centre will transfer to the importing state the credit of IGST used in payment of SGST.
The major advantages of IGST Act, 2017 are:-
i. Maintenance of uninterrupted ITC chain on inter-state transactions.
ii. No upfront payment of tax or substantial blockage of funds for the interstate seller or buyer.
iii. No refund claim in exporting state, as ITC is used up while paying the tax.
iv. Self-monitoring model.
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