GST Tutorial | IGST

IGST | GST

It is an acronym for Integrated Goods and Services Tax. It falls under the category of Goods and Services Tax Act, 2016. Besides it, GST also includes another two terms that are CGST and SGST. So overall, there are three taxes i.e. (IGST, CGST, and SGST) come under the one common term that is nothing but known as Goods and Services Tax.

Basically, IGST is charged whenever there is a movement of goods from one place to another. Let us suppose that some goods are to be moved from Tamil Nadu to Kerala. So, in this case, IGST will be levied on these goods and Finally, the revenue received from its imposition is shared by State and Central Govt.as per the rates fixed by the authorities. GST is a kind of Act levied on taxation which is expected to kick from 1 April 2017. Under this law, it works at replacing all indirect taxes levied on goods and services by the Indian Central and State Governments.