What is the Full Form of IGST?

The Full Form of IGST is Integrated Goods and Service Tax. IGST was introduced on the 1st of July, 2017 under the IGST Act, and IGST is one of the four types of GSTs. It is a type of tax levied in India on the supply of goods and services across state borders. Furthermore, in a transaction that involves the movement of goods or services from one state to another or from the Union Territory to a state, IGST is charged. Unlike Central GST (CGST) and State GST (SGST) which are levied by the central and state governments, respectively, IGST is administered by the central government.

Also Read: What is the Full Form of TAX?

What are the Characteristics of IGST?

The characteristics of IGST are as follows:

• Preventing Tax Cascading: IGST prevents tax cascading by consolidating Central GST (CGST) and State GST (SGST) thus ensuring a unified tax structure.
• Unified National Market: IGST contributes to the creation of a unified national market by simplifying the tax structure for inter-state transactions.
• Calculation Basis: IGST is calculated based on the value of the transaction thus providing a clear and standardized method for tax assessment.
• Revenue Sharing: The revenue generated from IGST is shared between the central and state governments further fostering cooperative federalism.
• Harmonized Indirect Tax Structure: IGST plays a pivotal role in creating a simplified and harmonized indirect tax structure in India.
• Promoting Economic Integration: IGST promotes economic integration and ease of doing business across the country.

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Is IGST Payable on Import?

All inter-state supplies attract IGST. Thus, the import of goods and services into India will come under IGST. Moreover, all basic customs duties and all applicable customs levies will be charged. IGST on the import of goods will be levied and collected under the Customs Act, of 1962. The import declarations will also be filed with the customs authorities. 

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