Gst imports doubts
This query is : Resolved
29 June 2017
How to Calculate the Custom Duty under GST ?? Give example.
29 June 2017
Basic customs duty as applicable + IGST(applicable GST rate)
Import into India will be considered as Inter-State supply under GST Law and accordingly will attract Integrated Goods and Services Tax (IGST) along with BCD and other surcharges.
Import into India will be considered as Inter-State supply under GST Law and accordingly will attract Integrated Goods and Services Tax (IGST) along with BCD and other surcharges.
Message likes :
1 times
29 June 2017
Thank You Sir,
Please guide us on the calculation : -
Before GST :
Customs Duty Calculations - ( Pre GST )
Assesable Value ₹ 1,81,743.85 Product Val + Freight + Insurance
BCD @ 10% ₹ 18,174.39 10% of assesable value
CVD @ 12.5% ₹ 24,989.78 12.5% on assesable value + BCD
Edu Cess ₹ 863.28 2% of BCD + CVD
Addnl Edu Cess ₹ 431.64 1% of BCD + CVD
Additional Duty ( Imports ) ₹ 9,048.12 4% on the sum above all values
Total Customs Duty ₹ 53,507.21
After GST :
Customs Duty Calculations - ( Post GST )
Assesable Value ₹ 1,81,743.85 Product Val + Freight + Insurance
BCD @ 10% ₹ 18,174.39 10% of assesable value
GST @ 18% ₹ - To be calculated on Assesable Value? of Assesable value + BCD?
Edu Cess ₹ - Will Edu Cess be applicable? If Yes is it on sum of above or on Assesable Value?
Sec Edu Cess ₹ - Will Sec Edu Cess be applicable? If Yes is it on sum of above or on Assesable Value?
Additional Duty ( Imports ) ₹ - Will Addnl Duty be applicable? If Yes is it on sum of above or on Assesable Value?
Total Customs Duty ₹ 18,174.39
Thank You Sir,
Please guide us on the calculation : -
Before GST :
Customs Duty Calculations - ( Pre GST )
Assesable Value ₹ 1,81,743.85 Product Val + Freight + Insurance
BCD @ 10% ₹ 18,174.39 10% of assesable value
CVD @ 12.5% ₹ 24,989.78 12.5% on assesable value + BCD
Edu Cess ₹ 863.28 2% of BCD + CVD
Addnl Edu Cess ₹ 431.64 1% of BCD + CVD
Additional Duty ( Imports ) ₹ 9,048.12 4% on the sum above all values
Total Customs Duty ₹ 53,507.21
After GST :
Customs Duty Calculations - ( Post GST )
Assesable Value ₹ 1,81,743.85 Product Val + Freight + Insurance
BCD @ 10% ₹ 18,174.39 10% of assesable value
GST @ 18% ₹ - To be calculated on Assesable Value? of Assesable value + BCD?
Edu Cess ₹ - Will Edu Cess be applicable? If Yes is it on sum of above or on Assesable Value?
Sec Edu Cess ₹ - Will Sec Edu Cess be applicable? If Yes is it on sum of above or on Assesable Value?
Additional Duty ( Imports ) ₹ - Will Addnl Duty be applicable? If Yes is it on sum of above or on Assesable Value?
Total Customs Duty ₹ 18,174.39
29 June 2017
Suppose the assessable value of an article imported into India is
Rs. 100/-. Basic Customs Duty is 10% ad-valorem. Integrated tax rate is 18%.
The taxes will be calculated as under:
• Assessable Value= Rs. 100/-
• Basic Customs Duty (BCD) = Rs. 10/-
• Value for the purpose of levying integrated tax= Rs. 100/- + Rs.10/-= Rs. 110/-
• Integrated Tax = 18% of Rs.110/- =Rs. 19.80
• Total taxes = Rs. 29.80
Rs. 100/-. Basic Customs Duty is 10% ad-valorem. Integrated tax rate is 18%.
The taxes will be calculated as under:
• Assessable Value= Rs. 100/-
• Basic Customs Duty (BCD) = Rs. 10/-
• Value for the purpose of levying integrated tax= Rs. 100/- + Rs.10/-= Rs. 110/-
• Integrated Tax = 18% of Rs.110/- =Rs. 19.80
• Total taxes = Rs. 29.80
Message likes :
1 times
29 June 2017
Thank you very much Sir!
Last Query : We assume that Additional Duty ( Imports ), Edu Cess and Sec Edu Cess will not be applicable hereonwards. Pls confirm.
Last Query : We assume that Additional Duty ( Imports ), Edu Cess and Sec Edu Cess will not be applicable hereonwards. Pls confirm.
30 June 2017
Yes it is confirmed not applicable.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- Liable to deduct tds and 44ADA
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- GST Reverse
- Clarification regarding Import E-way bill transaction type // Regular or Bill from Dispatch From
- Sale of Equity shares for Purchase of Residential Property
- RCM and FCM
- Two seprate Invoice needed
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- ASISSE return under the provisions of the Collection of Statistics Act, 2008 (7 of 2009)
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
