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of <h1>Understanding IGST Model: Central Levy, Seamless ITC, and Efficient Compliance in Inter-State GST Transactions.</h1> The IGST model for taxing inter-State transactions under GST involves the Centre levying IGST, which combines CGST and SGST, on taxable goods and services. Sellers pay IGST on value addition after adjusting credits from IGST, CGST, and SGST. The exporting state transfers SGST credit to the Centre, while the importing dealer claims IGST credit against output tax liability. The Centre then transfers IGST credit to the importing state. A central agency verifies claims and coordinates fund transfers. Advantages include uninterrupted ITC, no upfront tax payment, reduced refund claims, self-monitoring, improved compliance, and applicability to both B2B and B2C transactions.
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