I am into imports of goods from outside india.
How do composite scheme would be applicable to my business.
Do i have to pay 18% GST as IGST when i import under composite scheme.
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Composite Scheme in Imports
Replies (1)
Yes import of Goods is tax Under RCM & As per section 10 of CGST Act Composition dealer is liable to deposit tax on RCM but cannot ITC . .
Hence while importing the goods , the importer need to pay custom duty & IGST , the regular dealer can claim ITC on IGST paid but the Composit dealer cannot claim ITC
Hence while importing the goods , the importer need to pay custom duty & IGST , the regular dealer can claim ITC on IGST paid but the Composit dealer cannot claim ITC
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