The Integrated Goods and Services Tax Act, 2017

The Integrated Goods and Services Tax Act, 2017 (IGST Act) was enacted by the Indian Parliament to regulate the levy and collection of tax on the supply of goods and services in the course of inter-state trade or commerce. The Act is based on the concept of GST (Goods and Services Tax) which is a destination-based tax system. The IGST Act covers the provision of goods and services that are sold or supplied from one state to another state or Union Territory. The tax collected under this Act is divided between the Central Government and the State Government in the ratio of 50:50. The Act also provides for the rules and regulations regarding the registration of taxpayers, determination of place of supply, valuation of goods and services, input tax credit, and the filing of returns.