Which of the following statements is/are correct with reference to the IGST?
A. IGST meaning Integrated Goods and Service Tax.
B. IGST falls under Integrated Goods and Service Tax Act 2016.
C. Both A & B
D. None of these
Explanation:
Imports of COVID-19 relief material, including vaccines, medical oxygen and Remdesivir vials has waived off IGST. The exemption has been granted till 30th June for free distribution of these medical supplies. Earlier the Centre had waived the import duty & health cess on such medical supplies. 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.
