Salient Features of IGST
If you understand the Meaning of IGST then you will know that it is an important aspect of the Indian Economy. The calculation for Integrated Goods and Services Tax must be done precisely so that there is no breach. However, the following are the salient features of IGST.
Integrated Goods and Services Tax came into being after the CST Act or Central State Tax Act was abolished in the year 1956.
It invigilates the Input Tax Credit chain that is levied on the inter-state supplies.
The IGST looks into the fact that the concerned state gets the SGST portion of the IGST.
It is only levied on the goods and supplies exchanged between the states of the same country.
IGST is governed by GST.
The IGST Act states the IGST levied would be a combination of the CGST and the SGST on all inter-state transactions.
The Central Government collects and distributes the tax amount as is decided by the Parliamentary Law on recommendations by the Goods and Services Tax Council.
IGST is applicable on imported goods and services within the boundaries of India.
Why Should one pay IGST?
A responsible citizen should not shrug away from paying any of the taxes. Therefore, if you have to pay the IGST then you must not delay or try to escape the payment.
Save yourself from any legal involvements.
Avoid paying any penalties on failing to pay your tax.
To fulfill one’s duty of being a dutiful citizen of India.
You must not get confused between GST and IGST as both are completely different. However, IGST comes under the GST.
Conclusion
By now you surely do know about the Integrated Goods and Service Tax. If you are studying about the taxes then these pieces of information will be very helpful for you. You will know how IGST is different from GST. In this respect, try to learn about GST as well which will help you to understand both the taxes much better. If you shall
have any doubts then look up the FAQ section to do away with some of your queries.
Salient Features of IGST
If you understand the Meaning of IGST then you will know that it is an important aspect of the Indian Economy. The calculation for Integrated Goods and Services Tax must be done precisely so that there is no breach. However, the following are the salient features of IGST.
Integrated Goods and Services Tax came into being after the CST Act or Central State Tax Act was abolished in the year 1956.
It invigilates the Input Tax Credit chain that is levied on the inter-state supplies.
The IGST looks into the fact that the concerned state gets the SGST portion of the IGST.
It is only levied on the goods and supplies exchanged between the states of the same country.
IGST is governed by GST.
The IGST Act states the IGST levied would be a combination of the CGST and the SGST on all inter-state transactions.
The Central Government collects and distributes the tax amount as is decided by the Parliamentary Law on recommendations by the Goods and Services Tax Council.
IGST is applicable on imported goods and services within the boundaries of India.
Why Should one pay IGST?
A responsible citizen should not shrug away from paying any of the taxes. Therefore, if you have to pay the IGST then you must not delay or try to escape the payment.
Save yourself from any legal involvements.
Avoid paying any penalties on failing to pay your tax.
To fulfill one’s duty of being a dutiful citizen of India.
You must not get confused between GST and IGST as both are completely different. However, IGST comes under the GST.
Conclusion
By now you surely do know about the Integrated Goods and Service Tax. If you are studying about the taxes then these pieces of information will be very helpful for you. You will know how IGST is different from GST. In this respect, try to learn about GST as well which will help you to understand both the taxes much better. If you shall
have any doubts then look up the FAQ section to do away with some of your queries.
Comments are closed.