B Com Exam > B Com Notes > Goods and Services Tax (GST) > PPT: IGST Act, 2017 - Key Provisions
PPT: IGST Act, 2017 - Key Provisions
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FAQs on PPT: IGST Act, 2017 - Key Provisions
| 1. What is the IGST Act, 2017 and why was it implemented? |  |
Ans. The IGST Act, 2017 is a key component of the Goods and Services Tax (GST) framework in India, implemented to streamline the taxation system by integrating the Central and State tax structures. It governs the taxation of inter-state supply of goods and services, ensuring a uniform tax rate across states, thus facilitating easier trade and commerce within the country.
| 2. How is the IGST calculated for inter-state transactions? | |
Ans. The IGST is calculated on the value of the supply of goods or services, which includes the cost of goods, insurance, freight, and any other charges. The rate of IGST is the sum of the Central Goods and Services Tax (CGST) and the State Goods and Services Tax (SGST) rates. For example, if the IGST rate is 18%, and the taxable value is ₹100, the IGST would be ₹18.
| 3. What are the main components of the IGST Act, 2017? | |
Ans. The main components of the IGST Act, 2017 include provisions related to the levy and collection of IGST, the mechanism for inter-state trade, the input tax credit system, and the procedures for filing returns. It also outlines the roles and responsibilities of taxpayers and authorities in ensuring compliance with the Act.
| 4. Can a registered taxpayer claim input tax credit on IGST paid? | |
Ans. Yes, a registered taxpayer can claim input tax credit on IGST paid on purchases made for business purposes. The credit can be utilized to offset the output IGST liability. However, there are specific conditions that must be fulfilled to ensure that the credit is claimable, such as proper documentation and compliance with the provisions of the GST law.
| 5. What are the penalties for non-compliance with the IGST Act, 2017? | |
Ans. Non-compliance with the IGST Act, 2017 can attract penalties, which may include a monetary fine, interest on unpaid taxes, and even imprisonment for severe violations. The penalties are aimed at ensuring adherence to the tax regulations and maintaining the integrity of the GST system. The specifics of penalties can vary based on the nature and severity of the non-compliance.
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Apr 21, 2026 Last updated
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