Imports of COVID-19 relief material, including vaccines, medical oxygen and Remdesivir vials have waived off IGST. The exemption has been granted till 30th June for the free distribution of these medical supplies. Earlier the Centre had waived the import duty & health cess on such medical supplies.
Daily Current Affairs Quiz 2021
IGST meaning Integrated Goods and Service Tax, is one of the three categories under Goods and Service Tax (CGST, IGST and SGST) with a concept of one tax one nation.
IGST falls under Integrated Goods and Service Tax Act 2016.
IGST is charged when movement of goods and services from one state to another. For example, if goods are moved from Tamil Nadu to Kerala, IGST is levied on such goods.
The revenue out of IGST is shared by state government and central government as per the rates fixed by the authorities.
The GST on supplies in the course of interState trade shall be levied and collected by the Government of India and such tax shall be apportioned between the Union and the States according to the provisions of law on the recommendations of the Goods and Services Tax Council.
Under the IGST scheme, 50% of the collections will go to the Centre (as the Central Goods and Services Tax component) and the remaining 50% will be allocated to the States and Union Territories (as the State Goods and Services Tax component). And, 42% of the CGST will be devolved to the States and Union Territories.
