Key Terms of Integrated Goods and Services Tax Act 2016: IGST, Input Tax Credit, Output Tax, and Supply

The Integrated Goods and Services Tax Act, 2016, defines key terms related to tax on inter-State trade. "Appropriate State" refers to where a taxable person is registered. "Government" denotes the Central Government. "Integrated Goods and Services Tax" (IGST) is the tax on inter-State supply of goods/services, including imports and exports. "Input tax" covers taxes paid on business supplies, while "input tax credit" refers to the credit of such taxes. "Supply" follows the definition in the Central Goods and Services Tax Act. "Output tax" is the IGST on taxable supplies, excluding reverse charge tax. Undefined terms adopt meanings from the Central Goods and Services Tax Act, 2016.

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