Relevance Of Igst How Inter State Trade Is Being Regulated
The revenue of inter-state sales will not accrue to the exporting state and the exporting state will be required to transfer to the Centre the credit of SGST/UTGST used in payment of IGST. Relevance of IGST: Before discussing the IGST Model and its features, it is important to understand how inter state trade or commerce is being regulated in the present indirect tax system. It is significant to note that earlier the Central Sales Tax Act, 1956 regulated the inter-state trade or commerce (hereinafter referred to as “CST”), the authority for which was constitutionally derived from Article 269 of the Constitution....