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This question belongs to Commerce GST
GST
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Which of the following taxes will be levied on Imports of goods and services?

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Correct Answer: Option C
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6 Comments
Bala Chandra
Bala Chandra 6 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)
Lakshmi Sn
Lakshmi Sn 6 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.
BHAVYA JAIN
BHAVYA JAIN 7 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.
Kumar Kuduva
Kumar Kuduva 7 years ago
Since CGST is destination based, on import final destination cannot be determined, IGSTlevied
Uk P
Uk P 8 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.
Madhuri Tathe
Madhuri Tathe 8 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