whether RCM is payable on imported goods?
if yes then what is the taxable value and rate of GST.
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RCM on imported goods
Replies (2)
First of all RCM is applicable majorly on Services ... may be imported or supplied within the country. However there are very limited number of products where RCM is applicable.
Import of goods is generally liable for
1) Import Duty (Customs)
2) IGST u/s 3(7)
3) GST Compensation Cess u/s 3(9)
All the above taxes are levied under Customs Act and not under RCM of GST.
GST under reverse charge is payable by the impoter at at the time of clearing the goods.
He will have to file bill of entry.
GST and customs duty would be paid based on the bill of entry.
He will have to file bill of entry.
GST and customs duty would be paid based on the bill of entry.
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