Open AccessOverview of the igst act
Author(s) -
G Saranya
Publication year - 2017
Publication title -
journal of management and science
Language(s) - English
Resource type - Journals
eISSN - 2250-1819
pISSN - 2249-1260
DOI - 10.26524/jms.2017.75
Subject(s) - excise , goods and services , business , duty , state (computer science) , government (linguistics) , service (business) , commerce , economics , marketing , economy , computer science , law , political science , linguistics , philosophy , algorithm , macroeconomics
The CBEC has issued a compilation of frequently asked questions (FAQs) on various issues relating to GST (2nd Edition 31st March, 2017). In this Chapter various FAQs relating to the IGST Act ―Integrated Goods and Services Tax‖ have been answered by the CBEC. IGST stands for Integrated Goods and Services Tax which is charged on the supply of commodities and services from one state to another state. For example, if the supply of goods and services occurs between Gujarat and Maharashtra, IGST will be applicable.In India, there are different indirect taxes applied on goods and services by central and state government. GST is intended to include all these taxes into one tax with seamless ITC and charged on both goods and services. Thus excise duty, special additional duty, service tax, VAT to name a few will get repealed and will be added into GST. For this, GST will have 3 parts – CGST, SGST and IGST. The central taxes like excise duty will be subsumedinto CGST and state taxes like VAT into SGST.