Under the GST regime asics gel lyte v womens sale , both the import of goods and or services into the territory of India would be treated as supply of goods or value of the goods and collected along with Customs Duty. The Customs Tariff Act asics gel lyte v womens uk , 1975 has already been amended to provide for levy of integrated tax and the compensation cess on imported goods, in anticipation of the GST rollout.


While, GST would be applied to imports in addition to the Basic Customs Duty, GST Compensation Cess can also be levied on certain luxury and demerit goods under the Goods and Services Tax (Compensation to States) Cess Act, 2017.


You might know GST Return Online Software.


Amount of GST on Imported Goods


HSN (Harmonised System of Nomenclature) code has been used for the purpose of classification of goods under the GST regime. Hence, the classification of the item for Customs Duty purpose and IGST calculation purpose would be harmonised.


The amount of GST payable on imported goods would be dependent on the assessable value plus customs duty levied under the Customs Act asics gel lyte v mens sale , and any other duty chargeable on the goods. The value of the imported article for the purpose of levying GST Compensation cess would be, assessable value plus Basic Customs Duty levied under the Act, and any sum chargeable on the goods in the same manner as a duty of customs. Thus, the IGST paid would not be added to the value for the purpose of calculating GST Compensation cess.


Calculating GST on Imports


If the assessable value of goods imported into India is Rs. 100-.
Basic Customs Duty is 10% ad-valorem.
Integrated tax rate is 18%.
Then IGST tax payable would be calculated as:


Assessable Value= Rs. 100-
Basic Customs Duty (BCD) = Rs. 10-
Value for the purpose of levying IGST = Rs. 110-
GST 鈥?Integrated Tax = 18% of Rs.110- = Rs. 19.80
Total Taxes = Rs. 29.80


If the goods are luxury products and GST Compensation Cess is also applicable, then GST Compensation Cess would be levied on Rs. 110-, as Compensation Cess is not levied IGST.


Paying GST for Imports


Under The Customs Act asics gel lyte v mens uk , 1962, removal of goods from a customs station can be done only after payment of Customs Duty and the Integrated GST tax payable. Thus, the importer would be required to pay the Integrated tax at the time of removal of goods from a customs station to a warehouse.

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