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of <h1>IGST Act Simplifies India's Tax System, Replaces Multiple Taxes, Ensures State Tax Accrual, Maintains Input Tax Credit Chain</h1> The Integrated Goods and Services Tax (IGST) Act is a crucial reform in India's indirect tax system, replacing multiple taxes with a unified GST. It employs a dual GST model, with both Central (CGST) and State (SGST) components. The IGST addresses inter-state trade, ensuring tax accrues to the consumer's state and maintaining the Input Tax Credit chain. It simplifies compliance by eliminating the shortcomings of the Central Sales Tax. The Act defines inter-state and intra-state supplies, the location of suppliers, and the place of supply, crucial for determining applicable taxes. It also outlines provisions for cross-border supplies, zero-rated exports, and refunds for international tourists.
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