IGST Full Form In English
The full form of IGST is Integrated Goods and Services Tax. IGST is a tax applied on the supply of goods and services between two states or union territories in India. It is part of the Goods and Services Tax system, which was introduced to simplify indirect taxation across the country.
The main purpose of IGST is to ensure smooth flow of credit between states, prevent double taxation, and maintain uniformity in the tax structure for inter-state transactions. It is collected by the central government and later divided between the exporting and importing states according to GST rules. IGST helps in implementing the GST framework effectively and supports transparency in inter-state trade.
IGST Full Form In Hindi
IGST का मुख्य उद्देश्य राज्यों के बीच कर क्रेडिट का सुचारू प्रवाह सुनिश्चित करना, दोहरी कराधान से बचना और अंतर-राज्यीय लेनदेन के लिए कर संरचना में समानता बनाए रखना है। इसे केंद्रीय सरकार द्वारा एकत्र किया जाता है और बाद में निर्यात और आयात करने वाले राज्यों के बीच GST नियमों के अनुसार विभाजित किया जाता है।
IGST का कार्य GST प्रणाली को प्रभावी ढंग से लागू करना और अंतर-राज्यीय व्यापार में पारदर्शिता बनाए रखना है।
Read More: DC Full Form In English And Hindi
Frequently Asked Questions
What does IGST stand for?
IGST stands for Integrated Goods and Services Tax.
Who levies IGST?
IGST is levied by the central government of India on inter-state transactions.
When is IGST applicable?
IGST is applicable on the supply of goods and services between two states or union territories.
What is the purpose of IGST?
The purpose of IGST is to ensure smooth credit flow between states, avoid double taxation, and maintain uniformity in taxation for inter-state trade.
How is IGST distributed?
IGST collected by the central government is later apportioned between the exporting and importing states according to GST rules.
Is IGST part of GST?
Yes, IGST is one of the three components of GST, along with CGST and SGST.
Does IGST apply to imports and exports?
Yes, IGST is also applicable on imports into India and is adjusted against the export of goods and services.
Conclusion
IGST plays a vital role in India’s GST system by regulating inter-state trade. It ensures smooth credit flow between states, prevents double taxation, and maintains uniformity in taxation across the country. By being collected centrally and apportioned to the respective states, IGST simplifies indirect taxation, promotes transparency, and strengthens the overall GST framework.
