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What is IGST Act

The IGST Act is the Integrated Goods and Services Tax Act, 2017, which is a law that provides for the levy and collection of tax on the inter-state supply of goods or services or both by the Central Government and for matters connected therewith or incidental thereto. The IGST Act is part of the GST regime that was implemented in India on July 1, 2017. The IGST Act aims to ensure a seamless flow of input tax credits across States and avoid double taxation of inter-state transactions.Some of the main features of the IGST Act are:

The IGST is levied on all inter-state supplies of goods or services or both, except on the supply of alcoholic liquor for human consumption.
The IGST is levied on the value determined under section 15 of the CGST Act, 2017, which includes the transaction value and any other charges, taxes, fees, etc. that are not included in the GST.
The IGST is collected by the Central Government and apportioned between the Centre and the States or Union Territories in accordance with the prescribed formula.

The place of supply of goods or services or both is determined by the provisions of Chapter V of the IGST Act, which specify different rules for different types of supplies, such as supply of goods imported into or exported from India, supply of services where the location of supplier or recipient is outside India, supply of services in relation to immovable property, etc.

The IGST Act also provides for a refund of integrated tax to international tourists who purchase goods in India and take them out of India, and a zero-rated supply of goods or services or both to a Special Economic Zone developer or a Special Economic Zone unit.

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Origin And Commencement of IGST Act

The origin and commencement of IGST can be summarized as follows:

The IGST Act is an abbreviation for the Integrated Goods and Services Tax Act, 2017, which was enacted to levy, collect and administer IGST in India.
IGST is a tax levied on the supply of any goods or services during inter-state trade or commerce, including import and export transactions.
The IGST Act was passed by the Parliament on 12th April 2017 and received the assent of the President on the same date.
The IGST Act was initially applicable to the whole of India except the State of Jammu and Kashmir. However, later it was extended to Jammu and Kashmir by another Act, which came into force on 8th July 2017.
The IGST Act came into force on such dates as the Central Government notified in the Official Gazette, with different dates for different provisions. Many of the provisions came into effect from 1st July 2017 .

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Frequently Asked Questions

If you are still thinking about opting for S krisna & company for your loved ones, you can always check out the common queries about our service and support.

You need to have a bank account with a minimum balance. This could be as little as Rs. 5000. You don’t need to invest any more capital to start the business.

The tax would be received by the taxing authority which has jurisdiction over the place of consumption which is also termed as a place of supply.

GST is differentiated in three different types CGST (Central Goods and Service Tax), SGST (State Goods and Service Tax), IGST (Integrated Goods and Service Tax).

The taxes you pay on input goods/services can be used as an Input Tax Credit (ITC) against output tax liabilities.

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