Examples of Integrated Goods and Services Tax Act in a sentence
Words and expressions used and not defined in this Act but defined in the Integrated Goods and Services Tax Act, the Central Goods and Services Tax Act, the Union Territory Goods and Services Tax Act and the Goods and Services Tax (Compensation to States) Act shall have the same meanings as assigned to them in those Acts.12 of 2017.14 of 2017.
Summary of the major amendments in Integrated Goods and Services Tax Act, 2017 (‘IGST Act’) has been provided below as follows: Definition of Export of Service: Section 2(6) of the IGST Act, 2017 has been amended to allow the receipt of payment in Indian rupees in case of export of services where permitted by Reverse bank of India.
Explanation.— For the purposes of this section, the term “tax” shall include the amount of tax evaded or the amount of input tax credit wrongly availed or utilised or refund wrongly taken under the provisions of this Act, the Central Goods and Services Tax Act, the Integrated Goods and Services Tax Act, and cess levied under the Goods and Services Tax (Compensation to States) Act.133.