CS Professional INTEGRATED GOODS AND SERVICE TAX (IGST)

CS Professional INTEGRATED GOODS AND SERVICE TAX (IGST)

INTEGRATED GOODS AND SERVICE TAX (IGST)

Integrated goods and service tax means levied under the IGST act on the supply of any goods/service in the course of inter-state trade or commerce.

Centre will collect tax on interstate supplies. IGST is basically CGST and SGST on interstate supplies of goods and services. IGST will be paid by interstate seller after setting off the credit from IGST, CGST and SGST.

WHY IGST WAS NEEDED?

Before the IGST model the interstate supply of goods and services are managed under the central sales tax, 1956 and defined as a central sales tax in short CST. No state can levy state tax on sale and purchase of goods and services, only the parliament had the right to levy such tax.

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