IGST Query
AKBAR (CA FINAL) (7 Points)
25 July 2017
What is IGST?Define in details? And other important information about IGST
1 Replies
Harshal Deshpande
(Chartered Financial Analyst )
(87 Points)
Replied 25 July 2017
IGST refers to the Integrated Goods and Services Tax which is a part of GST under the concept of one nation one tax. IGST is charged when movement of goods and services from one state to another. IGST is one of the 3 types of taxes and is under the Integrated Goods and Services Tax Act, 2017(i.e SGST CGST & IGST).
IGST = CGST+SGST.
It is a destination based tax
IGST will lower tax burden by taxing Inter-State transaction only once.
B2B transactions – tax will flow to the State where Purchaser claims Input Tax Credit.
B2C transactions – tax will flow to the State of Consumer, otherwise tax will remain in the State of Seller.
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