Overview
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The term IGST is an acronym for the Integrated Goods and Services Tax. Falling under the GST regime, IGST is imposed on interstate transactions involving taxable goods and services, as well as on imports. The responsibility of IGST collection falls on the Central Government, which later distributes the collected tax among the concerned states.
IGST is levied when a product or service is transported from one state to another. The tax is shared between the central and state governments. The state government coordinates with the central government to manage interstate tax amounts, not with other state governments.
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The IGST is governed by the GST Act. As per the IGST Act, the Central Government is responsible for levying IGST, which is a combination of CGST and SGST, on all interstate transactions involving taxable supplies. The tax is collected by the Central Government and distributed among the union and states based on guidelines set by the Parliament, primarily influenced by the recommendations of the Goods & Services Tax Council.
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