Gst on import of goods

We have imported goods from china and received the same at gujarat port and are brought to pune and then consumed.. what will be the implications of gst.

Replies (4)

please specify whether imported goods would be consumed for the purpose of domestic sale or would be exported.

Goods would be used for consruction of Office Building

For Demostic sales 

IGST paid on import of goods or services can be claim as input while filing return

For Export Sales 

We have an option to import goods or services without paying IGST, if we execute LUT (for 12 months) or Bond ( For 5 year) equal to the amount of GST tax payable for the entire year, self assesed by assessee.

OR 

IGST paid at the time of Import of Goods or Services can be claim as refund within the time of one week from the date of Export, 90% of IGST paid at the time of Import of Goods or Services will be refunded to the assessee within 7 days from the date of export, rest of 10 % can be taken as ITC at the time of filing return.

Hope this resolve your query

For Further Assistance 

Contact +91-9140924512, +91-9956344318

Udbhav Pratap Singh

 

Dear Pratik 

here you can go through the procedure of claiming ITC on capital goods 

or 

You can add the IGST paid on imported goods in the cost of office building and claim depreciation over the shelf life of the "Capital Goods" in your case i.e. Office premise.

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