How will the Inter-State supplies of Goods and Services be taxed under GST

How will the Inter-State supplies of Goods and Services be taxed under GST https://www.taxtmi.com/acts?id=22601 Inter State supplies are subject to levy of Integrated Goods and Services Tax (IGST) collected by the Centre, representing combined central and state tax on inter State transactions. Suppliers pay IGST after adjusting available credits of IGST, CGST and SGST on purchases. The exporting State transfers SGST credit used to pay IGST to the Centre, and the Centre transfers the IGST component to the importing State for SGST credit; a central clearing mechanism verifies claims and instructs transfers. en-us Thu, 22 Sep 2016 18:32:14 +0530 Thu, 22 Sep 2016 18:32:14 +0530 TaxTMI RSS Generator How will the Inter-State supplies of Goods and Services be taxed under GST https://www.taxtmi.com/acts?id=22601 Inter State supplies are subject to levy of Integrated Goods and Services Tax (IGST) collected by the Centre, representing combined central and state tax on inter State transactions. Suppliers pay IGST after adjusting available credits of IGST, CGST and SGST on purchases. The exporting State transfers SGST credit used to pay IGST to the Centre, and the Centre transfers the IGST component to the importing State for SGST credit; a central clearing mechanism verifies claims and instructs transfers. Act-Rules Bills Thu, 22 Sep 2016 18:32:14 +0530 https://www.taxtmi.com/acts?id=22601