Before the introduction ofGST, there were multiple taxes, such as the service tax, central excise, and state value-added tax (VAT). However, GST is just one tax with three categories—IGST, SGST, and CGST—that depend on whether the performed transaction is intrastate or interstate. ...
IGST is a part of Goods and Service Tax (GST). IGST means Integrated Goods and Service Tax, one of the three categories under Goods and Service Tax (CGST, IGST and SGST) with a concept of one tax one nation. IGST falls under Integrated Goods and Service Tax Act 2016. IGST is charged...
India’s Goods and Services Tax (GST) framework comprises four main types:Central GST (CGST),State GST (SGST),Integrated GST (IGST), andUnion Territory GST (UTGST). Each type serves a specific purpose in the taxation system. 1. Central GST (CGST) and State GST (SGST) Central GST (CGS...
CGST (V) (IV) Not allowed SGST/UTGST (VII) Not permitted (VI) With the new rule, the IGST credit needs to be completely utilised before off setting it with CGST or SGST. The order of setting off ITC of IGST can be done in any proportion and any order towards setting off the CGST...
Additional Customs duty/excise duty/Service Tax paid in cash or through debit under Duty Credit scrip shall be adjusted as CENVAT Credit or Duty Drawback as per DoR rules or notifications. Basic Custom duty paid in cash or through debit under Duty Credit scrip shall be adjusted for Duty Draw...