IGST Full Form | What Does IGST Stand For?

IGST: Integrated Goods and Services Tax

IGST Full Form

IGST Full Form

IGST full form stands for Integrated Goods and Services Tax. This is a category of GST which refers to taxes levied on international transactions or supply of goods and services which are taxable as well as on import of goods and services.

It is an indirect tax (or consumption tax) used on the supply of goods and services in India. It’s a comprehensive, multiage, destination-based tax: comprehensive because it includes almost all indirect taxes, except for some state taxes.

Brief Explanation

  • This tax was enacted by the Government of India on July 1, 2017, through the implementation of the One Hundred and First Amendment to the Constitution of India. It replaced many of the existing taxes imposed by the central and state governments.
  • As in multiple stages, It is levied on every step in the production process, but is refunded to all parties at different stages of production except the end-user and is collected as destination tax.
  • Tax rates, rules, and legislation are administered by its Council, which consists of the central government and the finance ministers of all the states. The GST aims to replace the indirect tax cuts with a single tax and is expected to transform the country’s کی 2.4 trillion economies.

What Is The Full Form Of IGST?

IGST full form stands for Integrated Goods and Services Tax. This is a category of GST which refers to taxes levied on international transactions or supply of goods. It is an indirect tax (or consumption tax) used on the supply of goods and services in India. It’s a comprehensive, multiage, destination-based tax: comprehensive because it includes almost all indirect taxes, except for some state taxes.

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