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Comments ( 6 )

  1. Bala Chandra
    Bala Chandra :
    2 years ago

    IGST on Import of Goods
    Say for instance, the value of goods imported into India is Rs. 10,000. Following are the rates of duties and taxes leviable on such imported goods:

    Basic Custom Duty @ 10%
    Education Cess @ 3%
    IGST @18%
    Compensation Cess @ 15%
    Given this case , let us see how IGST and Compensation Cess would be calculated on the import of goods:

    Assessable Value = Rs. 10,000
    Basic Custom Duty (BCD) = Rs. 1000 (0.10 x 10,000)
    Education Cess (E. Cess) = Rs. 30 (0.03 x 1000)

    Value on which IGST is charged = Rs. 11,030 (Rs. 10,000 + Rs. 1000 + Rs. 30)
    IGST = Rs. 1985.4 (0.18 x 11,030)

    Value on which Compensation Cess is charged = Rs. 11,030 (Rs. 10,000 + Rs. 1000 + Rs. 30)

    Compensation Cess (C. Cess) = Rs. 1654.5 (0.15 x 11,030)

    Total Duty to be Paid = Rs. 4669.9 (BCD + E.Cess + IGST + C.Cess)

  2. Lakshmi Sn
    Lakshmi Sn :
    2 years ago

    GST on Import of Goods. The GST Act has defined import of goods as bringing goods into India from abroad. Accordingly, all imports into India will be deemed as inter-state attracting IGST. ... Thus, when goods are imported into India, IGST would be applied on the value of the goods and collected along with Customs Duty.

  3. BHAVYA JAIN
    BHAVYA JAIN :
    3 years ago

    The inter state supplies of taxable goods and services are subject to IGST .It is levied by the centre on all inter state supplies as the rate of IGST is approximately the sum total of CGST and SGST/UTGST.

  4. Kumar Kuduva
    Kumar Kuduva :
    3 years ago

    Since CGST is destination based, on import final destination cannot be determined, IGSTlevied

  5. Uk P
    Uk P :
    4 years ago

    GST on Import of Goods. The GST Act has defined import of goods as bringing goods into India from abroad. Accordingly, all imports into India will be deemed as inter-state attracting IGST. ... Thus, when goods are imported into India, IGST would be applied on the value of the goods and collected along with Customs Duty.

  6. Madhuri Tathe
    Madhuri Tathe :
    4 years ago

    I GST Only charge tax in one state to another state.we r purchase goods other country so I think we paid import duty tax..so c is not correct answer

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