GST on Import of Goods and Services | Tax4wealth

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

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