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READING DOWN MODEL IGST ACT (PART-1)

Goods and Services Tax - GST - By: - Dr. Sanjiv Agarwal - Dated:- 4-7-2016 - Recommendations of Empowered Committee (First Discussion Paper) According to First Discussion Paper on Goods and Services Tax in India by the Empowered Committee of State Finance Ministers (2009), IGST model has been recommended for taxation of inter-state transaction of goods and services. Accordingly, the scope of IGST Model is that Centre would levy IGST which would be CGST plus SGST on all inter-State transactions o .....

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t of IGST used in payment of SGST. The relevant information will also be submitted to the Central Agency which will act as a clearing house mechanism, verify the claims and inform the respective governments to transfer the funds. The major advantages of IGST Model are: a) Maintenance of uninterrupted ITC chain on inter-State transactions. b) No upfront payment of tax or substantial blockage of funds for the inter-State seller or buyer. c) No refund claim in exporting State, as ITC is used up whi .....

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the following 11 Chapters 33 Sections 8 Definitions Short till, extent and commencement (Section 1) This legislation is called the integrated Goods and Services Tax Act, 2016 (in short IGST), an Act to levy, collect and administer IGST in India. This Act shall be applicable to whole of India, i.e., including the State of Jammu & Kashmir. Presently, Service Tax does not apply to State of Jammu & Kashmir but Central Excise Act, 1944 applies to that state. What is meant by 'India' .....

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ly provided that words and expressions not defined in the Act shall have the same meaning as assigned to them in the Central GST Act, 2016. Section 27 of IGST Act provides that certain provisions of the CGST Act shall apply to IGST. What is Integrated GST According to section 2(c), Integrated Goods and Services Tax (IGST) means tax levied under this Act on the supply of any goods and/or services in the course of inter-State trade or commerce. Explanation 1.- A supply of goods and/or services in .....

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