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Import Export Under GST

This document provides an overview of import and export procedures and taxes under the GST system in India. It defines import as bringing goods into India from outside of India. There are several taxes that can apply to imported goods, including basic customs duty, anti-dumping duty, safeguard duty, compensation cess, and IGST. IGST and cess amounts are calculated based on the assessable value of goods, which includes the value of goods plus any applicable customs duties. Import of services is defined as supply of a service by a foreign supplier to an Indian recipient where the place of supply is in India. Exporters must furnish a Letter of Undertaking to make exports without payment of IGST and claim refunds. The L

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165 views9 pages

Import Export Under GST

This document provides an overview of import and export procedures and taxes under the GST system in India. It defines import as bringing goods into India from outside of India. There are several taxes that can apply to imported goods, including basic customs duty, anti-dumping duty, safeguard duty, compensation cess, and IGST. IGST and cess amounts are calculated based on the assessable value of goods, which includes the value of goods plus any applicable customs duties. Import of services is defined as supply of a service by a foreign supplier to an Indian recipient where the place of supply is in India. Exporters must furnish a Letter of Undertaking to make exports without payment of IGST and claim refunds. The L

Uploaded by

Vijaya Pawar
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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IMPORT EXPORT

UNDER GST
IMPORT OF DEFINES AS BRINGING GOOD INTO
INDIA FROM PLACE OUTSIDE INDIA.

Taxes of imported goods


 Basic custom duty
 Antidumping duty
 Safeguard duty
 Compensation cess
 IGST
VALUE OF GOODS FOR
CALCULATING IGST &CESS
 Assemble value of Goods+Basic custom
duty+any other duty on chargable on goods.
 Example:-
 Value of imported :- =10000
 Add-Basic custom duty 10% =1000
 Add-education cess 3% =300
 = 11300
 IGST 18% (11300*18%) =2034

 CESS 15% (11300*15%) =1695


IMPORT OF SERVICES
 Import of service as supply of any service
where the :
- Supplier of said service is located outside India.
-Recipient of the said service is located in India and
-Place of supply of the said service is in India.

*In order to avail ITC of IGST and GST


Compensation Cess, and importer has to
mandatorily declare GSTIN in the Bill of Entry
LETTER OF UNDERTAKING
 All registered tax payers who export the
goods or services will now have to furnish
Letter of Undertaking (LUT) in GST RFD -11
form on the common portal of GSTIN in order
to make exports without payments of IGST
 Export of Goods is make with payment
of tax whose refund is claimed
 And without payment of tax which LUT
is issue
VALIDITY OF LUT
 The LUT submitted is valid for the whole
financial year in which it is submitted. You
need to submit a new LUT for each F.Y.
 If the Goods for export are not exported
within three months of Date of Invoice issue,
then the Exporter is liable to pay GST along
with interest within 15 days according to
section 50 (1)
EXPORT
 Export means trading and Goods supplying
outside of India

 Supply will treated as inter-state supply when


the supplier is located in India or place of
supply is SEZ unit. Further, exports of goods
or service or both would be considered as
‘’Zero rated supply’’ under section 16 of IGST
Act.
EXPORT OF SERVICES
 The supplier of service is located in India
 The recipient of service is located in outside
India
 The place of service is outside of india
Thank You

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