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IGST Full Form

IGST Full Form

Edited By Team Careers360 | Updated on Jul 29, 2023 05:02 PM IST

What is the full form of IGST?

IGST stands for Integrated Goods and Service Tax. It was imposed by the central government on all interstate supplies. This integrated goods and service tax is mentioned within the Igst act2017 and the idea behind this was to subsume all the various taxes into one.

About Integrated Goods and Service Tax

Integrated goods and service tax was introduced by the central government in July 2017.It simplifies the indirect taxation system for the demand and supply.It comes under the GST (goods and service tax) and if we talk about the collection of integrated goods and service tax then the central government of India collects the Igst and then distributes it in various Indian states as per the rule of tax distribution. Igst, involves tax demand on all interstate transactions of service and goods like if a seller makes a supply outside his state then he must pay Igst on his purchase.

IGST Full Form
IGST Full Form

Features of Integrated Goods and Service Tax

  • Integrated goods and service tax is applicable to exported goods and services within the boundary of our country.

  • Integrated goods and service tax is the combination of CGST(the central goods and service tax) and SGST(state goods and service tax) on all inter-state transactions.

  • Integrated goods and service tax maintains the transparency of input tax credit chain on inter-state supplies.

  • Integrated goods and service tax also lowers the tax burden because of only one inter-states tax transaction.

  • Integrated goods and service tax is a destination-based tax.

Importance of integrated and good service tax

Integrated goods and service tax is an acknowledgement procedure that is necessary for taxes and social behaviour. It is also helpful for the economic status of our country.It is also important for maintaining the legal procedure to run the business. And also responsible for the total appropriation and the adjustment level.

Frequently Asked Questions (FAQs)

1. Tell us about the prescribed ceiling limits of the Igst rate?

Under integrated goods and service tax, the total prescribed ceiling limits are 40%.

2. Does integrated goods and service tax demand tax on the interstate supply of Petroleum?

No, the integrated goods and service tax does not demand tax on the interstate supply of Petroleum.

3. How can we track the integrated goods and service tax refund status?

We can track the integrated goods service tax refund status through the online portal.

4. Can exporters ask for refunds on integrated goods and service tax on exports?

Yes, an exporter can pay integrated goods service tax on exports and then claim a refund on the same.

5. Tell us the main difference between goods service tax and integrated goods service tax.

The main difference between GST and IGST is that, in good service tax, Income tax must be paid to the deductor in case of loss or profit but in integrated goods service tax, the tax must be paid by the supplier in case of inter-state supply of goods and services only.

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