{"id":1132,"date":"2021-06-18T09:01:25","date_gmt":"2021-06-18T09:01:25","guid":{"rendered":"https:\/\/www.gstrobo.com\/blog\/?p=1132"},"modified":"2021-06-22T10:08:26","modified_gmt":"2021-06-22T10:08:26","slug":"igst-full-form-features-and-taxonomy","status":"publish","type":"post","link":"https:\/\/gstrobo.com\/blog\/igst-full-form-features-and-taxonomy\/","title":{"rendered":"IGST \u2013 Full Form, Features, and Taxonomy"},"content":{"rendered":"\n

The full form of IGST is Integrated Goods and Service Tax and the act related to it is IGST Act 2017. As per the IGST Act, IGST will apply to all inter-state supply goods or\/and services. <\/p>\n\n\n\n

\"igst-full-form-features-and-taxonomy\"<\/figure>\n\n\n\n

What is IGST?<\/strong> <\/h2>\n\n\n\n

IGST is a type of tax that is levied on the inter-state supply of any goods or services or both, including the following special scenarios: <\/p>\n\n\n\n

  1. Import of goods or\/and services into the territory; <\/li>
  2. Export of goods or\/and services outside the Indian territory; <\/li>
  3. Any supply that is deemed export or import of goods or\/and services; <\/li>
  4. Any supply of goods or\/and services to or from SEZ <\/a>or EOU <\/li>
  5. Any supply of goods or\/and services to the foreign tourists <\/li><\/ol>\n\n\n\n

    Origin of IGST Act<\/strong> <\/h2>\n\n\n\n

    The IGST (Integrated Goods and Services Tax Act, 2017) Act was introduced by the government to levy, collect, and administer the tax on the interstate, export, import, and SEZ supplies. IGST Act applies to the whole of India including the State of Jammu and Kashmir. <\/p>\n\n\n\n

    IGST Act Salient Features<\/strong> <\/h2>\n\n\n\n

    Here are the salient features of the IGST Act: <\/p>\n\n\n\n

    1. Seamless flow of Input tax credit (ITC<\/a>) chain on inter-State exchanges. <\/li>
    2. No necessity to pay tax forthright or blockage of funds for the inter-state vendor or purchaser. <\/li>
    3. IGST is a self-monitoring Act <\/li>
    4. Streamline the functions of CGST and SGST or UTGST Act <\/li>
    5. No guarantee of refund of taxes paid for the States in which goods or\/and services are exported, as ITC is availed while making good on the assessment. <\/li>
    6. A supplier making inter-state supplies will need to register under GST enhancing compliance level. <\/li><\/ol>\n\n\n\n

      IGST Taxonomy<\/strong> <\/h2>\n\n\n\n

      The IGST Act includes <\/p>\n\n\n\n