Computation of IGST
In imports, IGST is computed on transaction value of imported goods plus duties and taxes etc.
charged under any statute other than the GST Laws.
Here in imports, Integrated Goods and Service Tax IGST is payable for each and every import transaction before taking delivery of imported goods.
What is the formula for calculating GST?
GST calculation can be explained by simple illustration : If a goods or services is sold at Rs. 1,000 and the GST rate applicable is 18%, then the net price calculated will be = 1,000+ (1,000X(18/100)) = 1,000+180 = Rs. 1,180.
What is IGST?
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 when movement of goods and services from one state to another.
What is the maximum rate of IGST?
Seeks to reduce IGST rate on specified parts of tractors from 28% to 18 %. Integrated Goods and Services Tax Act, 2017 (13 of 2017), the Central Government, on the recommendations of the Council, hereby notifies the rate of the integrated tax.
What are the 3 types of GST?
In India, there are three types of GST.
- CGST, Central Goods and Service Tax, Click here to read in detail about CGST.
- SGST, State Goods and Service Tax. The information about SGST in brief is given here.
- IGST, Integrated Goods and Service Tax.
- What is UTGST?
- Click here to know GST rates in India under 5 slabs.