LEVY OF IGST Under Section 5 of IGST Act.

The Inter-State supplies of goods and/or services will be the matter of IGST. Integrated Goods and Services Tax (IGST) which is equal to CGST and SGST is levied and collected on inter-state supply of goods and/or services under IGST Act.

Levy of the IGST tax specified under section 5 of the IGST Act, which envisage that:

(a)        Applicability: IGST will be levied on all inter-state supplies of goods and/or services;
For example, D Ltd. supplier of machinery located in Delhi supplies the machinery to M Ltd. in Mumbai. Such Supply is inter state and wifi be subject to IGST.

(b)        Valuation: At  ad valorem basis on the value as determined under sec. 15 of the CGST Act.

(c)        Prescribed rates: Rates of the tax will be notified by the Centre and State Government based on the principle specified by the GST Council.

(d)        IGST on imported goods: The integrated tax on goods imported into India shall be:

•           Valued, levied and collected in accordance with the provisions of section 3 of the Customs Tariff Act, 1975,

•           At the point when duties of customs are levied on the said goods under section 12 of the Customs Act, 1962.

(e)        Rate limited to 40%: The rates so notified shall however, not exceed 40% in any case.

(f)        Non-applicability: GST will not be applicable on the alcoholic liquor for human consumption.

(g)       IGST on petroleum products: The five petroleum products namely petroleum Crude, High speed diesel, Motor spirit (Petrol), Natural Gas, Aviation turbine fuel will be under the levy of GST from the date notified by government on the recommendation of the council.

(h)       IGST in reverse charge: Categories of supply of goods and service9 would be notified by the Centre/States Government (on recommendation of council) on which recipient would be liable to pay GST on reverse charge basis. All the provisions of this act shall apply mutatis mutandis upon such person.

(i)         IGST on purchase from unregistered supplier: The IGST in respect of the supply of taxable goods or services or both by a supplier, who is not registered, to a registered person shall be paid by such person on reverse charge basis as the recipient and all the provisions of this Act shall apply to such recipient as if he is the person liable for paying the tax in relation to the supply of such goods or services or both.

(j)         IGST levy on e-commerce operator: The category of e-commerce operators will also be notified by the government on recommendation of GST Council for payment of IGST on services supplied through them and all provisions of this Act shall apply to them as if they are the person liable for payment of tax under this Act. In case e-commerce operator does not have physical presence in India, any person representing such e-commerce operator in India on behalf of such person shall be liable to pay tax. Even in case no person is representing an e-commerce operator in India, the e-commerce operator shall appoint a person in the taxable territory for the purpose of paying tax and other compliances.

Related Topics ...
Levy Of ‘GST’ As Per Corresponding Acts/Laws
The Incidence Of CGST And SGST / UTGST
Levy of CGST / SGST / UTGST
LEVY OF IGST Under Section 5 of IGST Act.
Person / Entities Who Are Liable To Pay ‘IGST’
Power To Grant Exemption From CGST / SGST / UTGST
Power To Grant Exemption From ‘IGST‘ U/s 6 of IGST Act.
Body-3
 
Get Updated ...
Tax Tutorials
E-Payment Of Direct Taxes
Filing Of Return Of Income
Interest for Delay in Filing the Return of Income [Section 234 A]
Interest for default in Payment of Advance Tax [Section 234B]
Provisions Of 'Income-Tax Law' Useful For Non-Residents
MAT (Minimum Alternate Tax)
AMT ( Alternative Minimum Tax)
Tax On Long-Term Capital Gains (LTCG)
Tax On Short-Term Capital Gains (STCG)
Exemption[ Section-54] For Capital Gains Arising On Transfer Of Residential House Property
Tax Treatment Of Gifts Received By An Individual Or HUF
Set Off And Carry Forward Of Loss Under The Income-Tax Act
Interest For Delay In Payment of TDS/TCS And For Non-Payment Of Tax Demanded
Tax Deduction/Collection Account Number (TAN)
How to apply for PAN ?
Refund Of Excess Tax Paid By The Taxpayer (Sections - 237 to 245 )
Presumptive Taxation Scheme of Section 44AD
Presumptive Taxation Scheme of Section 44ADA
Presumptive Taxation Scheme of Section 44AE
Deduction in respect of Life Insurance Premium, PPF, NSC, etc. [Section 80C]
Deduction in respect of Medical Insurance Premium [Section 80D]
Tax Deducted at Source (TDS) from Interest, other than Interest on Securities (Section-194A)
Tax Deducted at Source (TDS) from Interest on Securities (Section 193)
Late Filing Fees And Penalty For Failure To Furnish/Delay In Furnishing The TDS/TCS Statements
 
 
GST (India)
F.A.Q. on GST
GST Forms Download
GST Compensation Law
GST Enrollment Process
GST Law & Act.
GST Rules
GST Schedule ( I to V )
IGST Law & Act.
GST A Practical Knowledgebase
Filing GST Return
Enroll & Registration with GST
GST Office Tool to File GST Return
 
LIBRARY @ Tax Management
TAX & INVESTMENT GUIDE FOR "NRI"- Non-Resident Indians !
GUIDE & FAQ @ TAX
GRAPHICAL PRESENTATION @ TAX
TIPS & TRICKS @ TAX
MANAGERIAL & FINANCIAL DECISIONS @ TAX
5 GOLDEN RULES OF TAX PLANNING
FAMILY TAX PLANNING
DEDUCTIONS FROM YOUR INCOME
EXEMPTED INCOMES
HUF - FORMATION, MANAGEMENT & TAX PLANNING
COMPUTATION OF GROSS TOAL INCOME
INCOME TAX @ GLANCE
MULTIPLE KNOWLEDGEBASE ON TAX
51 TIPS ON TAX PLANNING
APPEALS UNDER INCOME TAX
ASSESSMENTS
PENALTIES UNDER IT DEPATMENTS
TAX SAVING SCHEMES
TAX READY RECKONER
TAX RATES
PROSECUTIONS UNDER INCOME TAX DEPARTMENT
TAXATION SYSTEM IN INDIA
CHARITABLE & RELIGIOUS TRUST - TAXATION
PRESCRIBED FORMS WITH with Section / Rules
KNOWLEDGE BASE !
New Topics @ Tax KnowledgeBase...
 
 

Most Popular Topics :

Corporate Tax ( Taxation in Companies)
FAQ on TDS on Salaries
FAQ on Taxable Income
FAQ on Filing of Income Tax Return
Graphical Chat Presentation of Provision of Motor Car / Other Vehicles [Rule 3(2)(A)&(B)]
'Appeals' Under Income Tax Act. 1961.
'Assessments' Under Income Tax Act. 1961.
List of Exempted Incomes (Tax-Free) Under Section-10
Income Under the Head ' Business and Professions' [Section 28 to 44]
Income Under the Head ' Capital Gain'
Income Under the Head ' House Property '[Section- 22 - 25 ]
Income Under the Head "Salary"
[Section 15-17]
Income Tax on 'Partnership Firms'
PENALTIES Under Income Tax Act. 1961.
Tax Saving Schemes for Individual -Instant Guide
New Tax Rates For FY 2017-18 & AY 2018-19
"Exempted Incomes" under Income Tax Act.
Charitable & Religious Trust :Formation, Registration, & Taxation
Hindu Undivided Family [HUF] - Formation, Management and Taxation
 

Most Popular Links :

Clubing of Income Deduction U/s 80C
Allowances Us-17(3) Exemption-Salary
Tax Amendment-2015 Taxable Income
Clubing of Income Tax Deductions
HUF Deduction HUF Investment
Gift by HUF HUF Tax Planning Tips
Tax Saving Schemes Tax Planning Tips
Refund of Tax Fringe Benefit Tax-FBT
Return Filing Assessment / Scrutiny
Notice from I.T. Dept. Incomes Types @ TDS
Exemptions-Tax Returns “Summon” U/s 131
'Black Money' @ I.Tax Big Gifts To Be Taxed
'Appeals' under I.Tax Assessment @ I.Tax
Exempted Incomes Capital Gain
Business & Professions House Property
Salaries @ I.Tax Partnership Firm
'Penalty' under I.Tax Act. Tax Ready Reckoner
Charitable Trust Useful Links @ I.Tax
 
Guide & FAQ on Tax Knowledgebase @ Taxation Income Tax @ Glance HUF - Formation, Planning & Taxation
Charitable & Religious TRUST NRI (Tax Planning,Saving,Investemnt) Budget 2017-2018 GST (FAQ, Law, Act. Rules, Schedule, Enrollment)
FAQs - Income Tax India Tax Tutorials    

Disclaimer:
All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.

The visitors may click here to visit the web site of Income Tax Department for resolving their doubts or for clarifications