GST
IGST (Integrated Goods and Services Tax) — Meaning
GST on inter-state supplies of goods and services — collected by the central government.
What is IGST (Integrated Goods and Services Tax)?
Integrated Goods and Services Tax (IGST) is levied on inter-state supply of goods and services — when the supplier and recipient are in different states. IGST is also applicable on imports of goods and services. The IGST is collected by the central government and is then shared between the origin and destination states. IGST = CGST + SGST rates combined. For example, if GST rate is 18%, IGST is 18% (vs CGST 9% + SGST 9% for intra-state transactions).
More GST terms
GSTIN (Goods and Services Tax Identification Number)
Unique 15-digit registration number assigned to every GST-registered business.
GSTR-1
Monthly/quarterly return for outward supplies (sales) filed by GST-registered businesses.
GSTR-3B
Monthly summary return where GST liability is declared and payment made.
GSTR-9 (GST Annual Return)
Annual reconciliation return filed by regular GST taxpayers, summarising the full year's GST transactions.
ITC (Input Tax Credit)
Credit available to GST-registered businesses for GST paid on business purchases, which reduces their GST payable.
