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IGST 2018-10-23T11:04:01+00:00

Integrated Goods and Services Tax (IGST)

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Integrated Goods and Services Tax (IGST)

IGST or Integrated Goods and Services tax comes under GST for all the Inter-state supplies of goods and services. This tax is levied by the IGST Act. Under this act, the supplies of both goods and services would be taxed in IGST in case of import and export from the country.

The important aspect to be considered here is that under IGST-

  • Exports would be considered zero-rated
  • Both Central and State Government will share the tax revenues

To simplify this, an example can be given as –

A businessman from Gujarat have sold his good to Pune, Maharashtra worth Rs 1,50,000 on which the tax is IGST of 18%. In such scenario, 27,000 Rs would be charged as IGST which will be given to the Centre Government.