GST on Import of Goods and Services Today we are going to discuss about Import of Goods under GST MEANING:- • IMPORT OF GOODS HAS BEEN DEFINED IN IGST ACT, 2017 AS BRINGING GOODS INTO INDIA FROM A PLACE OUTSIDE INDI
GST on Import of Goods and Services Today we are going to discuss about Import of Goods under GST MEANING:- • IMPORT OF GOODS HAS BEEN DEFINED IN IGST ACT, 2017 AS BRINGING GOODS INTO INDIA FROM A PLACE OUTSIDE INDIA. • ALL IMPORT SHALL BE DEEMED AS INTER STATE SUPPLIES AND IGST LEVIED IN ADDITION TO CUSTOM DUTIES. • GST WILL BE CALCULATED ON VALUE AS DETERMINED UNDER CUSTOMS ACT, 1962 AT THAT POINT WHEN DUTIES OF CUSTOMS ARE LEVIED. • IN ADDITION, GST COMPENSATION CESS MAY ALSO BE LEVIED ON CERTAIN LUXURY AND DEMERIT GOODS UNDER GST (COMPENSATION TO STATES) CESS ACT, 2017. HOW GST BE IMPOSED?? • RECENTLY AMENDED, ANY GOODS WHICH ARE IMPORTED INTO INDIA SHALL, IN ADDITION TO BCD(BASIC CUSTOM DUTY) BE LIABLE TO IGST AT SUCH RATE AS MAY APPLICABLE ON A LIKE ARTICLE ON ITS SUPPLY IN INDIA. • FURTHER , VALUE OF GOODS FOR PURPOSE OF LEVYING IGST SHALL BE ASSESSABLE VALUE PLUS CUSTOM DUTY LEVIED AND ANY OTHER DUTY CHARGEABLE ON GOODS UNDER ANY LAW WILL BE ADDED, IN MANNER AS A DUTY OF CUSTOMS. HOW CESS WILL BE IMPOSED??? • VALUE OF IMPORTED ARTICLE FOR PURPOSE OF LEVYING CESS SHALL BE ASSESSABLE VALUE PLUS BCD LEVIED, AND ANY SUM AS DUTY OF CUSTOM.THE INTEGRATED TAX PAID SHALL NOT BE ADDED TO VALUE FOR PURPOSE OF CALCULATING CESS. FOR EXAMPLE: (A) ASSESSABLE VALUE                   40, 40,000 (B) BASIC CUSTOM DUTY (7.5%)            3, 03,000 (C) CVD ADDITIONAL DUTY (EXCISE) (12%)   5, 21,160 (D) CENTRAL EXCISE EDUCATION CESS (3%) 15,634 (E) CUSTOM EDUCATION CESS (3%)         25,193 (F) SPECIAL CVD (4%)                     1,96,199 TOTAL DUTY (B+C+D+E+F) :-                10, 61,186 IGST TO BELEVIED ON: -                   40, 40,000+10, 61,186                                         =51, 01,18 Social site link 1)https://www.facebook.com/HelloTaxIndia/ 2)https://hellotaxindia.tumblr.com/ 3)https://twitter.com/HelloTaxIndia/ 4)https://plus.google.com/u/0/112271030624516106296 5)https://www.linkedin.com/company/hello-tax/ 6)https://www.instagram.com/hellotax_india/ 7)https://www.youtube.com/channe....l/UCcIX9jMD73dUzla7a Google play store link 1)https://play.google.com/store/apps/details?id=com.future.hellotaxindia&hl=en_GB (HelloTax India)Â
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