2 Replies
Vinod Babu
(24196 Points)
Replied 12 August 2018
Import of Goods:
The IGST Act, 2017 provides that the integrated tax on goods imported into India shall be levied and collected in accordance with the provisions of the Customs Tariff Act, 1975 on the value as determined under the said Act at the point when duties of customs are levied on the said goods under the Customs Act, 1962. IGST shall be in addition to the Basic Customs Duty.
IGST and cess under GST shall be levied on (Assessable Value + BCD).
Input Tax credit of the IGST paid on import can be taken as Input Tax Credit to set off against the liability on Outward Supplies provided the IGST to be taken as ITC is eligible ITC. BCD shall not be available as ITC.
The IGST Act, 2017 provides that the integrated tax on goods imported into India shall be levied and collected in accordance with the provisions of the Customs Tariff Act, 1975 on the value as determined under the said Act at the point when duties of customs are levied on the said goods under the Customs Act, 1962. IGST shall be in addition to the Basic Customs Duty.
IGST and cess under GST shall be levied on (Assessable Value + BCD).
Input Tax credit of the IGST paid on import can be taken as Input Tax Credit to set off against the liability on Outward Supplies provided the IGST to be taken as ITC is eligible ITC. BCD shall not be available as ITC.
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