Important Definitions Under Igst Or Principles Under Igst
Important Definitions Under IGST At present inter-State supply of goods attract Central Sales Tax. Now, it provides that an inter-State supply of goods and/ or services will attract IGST (i.e. CGST plus SGST). Thus, it would be crucial to determine whether a transaction is an ‘intra-State’ or ‘Inter-State’ as taxes will be applicable accordingly. When is IGST leviable? Section 5 IGST Act provides that ‘… there shall be levied a tax called the integrated goods and services tax on all inter-State supplies of goods or services or both except on the supply of alcoholic liquor for human consumption, on the value determined under section 15 of the Central Goods and Services Tax Act and at such rates, not exceeding forty per cent....