{"id":34481,"date":"2021-12-22T14:41:08","date_gmt":"2021-12-22T09:11:08","guid":{"rendered":"https:\/\/www.cagmc.com\/?p=34481"},"modified":"2024-06-03T10:47:50","modified_gmt":"2024-06-03T05:17:50","slug":"implications-of-gst-on-imports","status":"publish","type":"post","link":"https:\/\/www.cagmc.com\/blog\/implications-of-gst-on-imports\/","title":{"rendered":"Everything you need to know about Implications of GST on Imports"},"content":{"rendered":"<p style=\"text-align: justify;\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-34482 size-full\" title=\"Implications of GST on Imports\" src=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/12\/Everything-you-need-to-know-about-Implications-of-GST-on-Imports-1.png\" alt=\"Implications of GST on Imports\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/12\/Everything-you-need-to-know-about-Implications-of-GST-on-Imports-1.png 1200w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/12\/Everything-you-need-to-know-about-Implications-of-GST-on-Imports-1-300x158.png 300w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/12\/Everything-you-need-to-know-about-Implications-of-GST-on-Imports-1-1024x538.png 1024w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/12\/Everything-you-need-to-know-about-Implications-of-GST-on-Imports-1-615x323.png 615w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/12\/Everything-you-need-to-know-about-Implications-of-GST-on-Imports-1-400x210.png 400w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/12\/Everything-you-need-to-know-about-Implications-of-GST-on-Imports-1-292x153.png 292w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">We are the world&#8217;s fastest-growing economy. India ranks the seventh number in the world for its economy. The most important factor that ensures the economic growth of a nation is trade that comprises<a href=\"https:\/\/www.cagmc.com\/import-export-code\/\"> imports and export<\/a>. Hence, a nation to have a good economy should maintain its trade performance at domestic and international markets. After the implementation of the Goods and Services Tax (GST), a change was brought to the market structure of India and significant changes have come in the import and export of goods.<\/span><\/p>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>Table of contents<\/b><\/p>\n<ul>\n<li aria-level=\"1\"><a href=\"#Introduction\">Introduction<\/a><\/li>\n<li aria-level=\"1\"><a href=\"#Types\">Types of import<\/a><\/li>\n<li aria-level=\"1\"><a href=\"#What\">What is the import of goods and services?<\/a><\/li>\n<li aria-level=\"1\"><a href=\"#GST\">\u00a0Types of GST<\/a><\/li>\n<li aria-level=\"1\"><a href=\"#Tax\">Tax structure and input tax credit in import under GST<\/a><\/li>\n<li aria-level=\"1\"><a href=\"#Calculation\">Calculation of GST on imports<\/a><\/li>\n<li aria-level=\"1\"><a href=\"#Impact\">Impact on imports<\/a><\/li>\n<li aria-level=\"1\"><a id=\"Introduction\" href=\"#Final\">Final words<\/a><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 style=\"text-align: justify;\"><b>Introduction<\/b><\/h2>\n<p id=\"Types\" style=\"text-align: justify;\">Imports and exports play a crucial role in determining and ascertaining the economic growth of a nation. Although imports are discouraged, however, no economy in the world is self-sufficient to fulfill the consumption needs. Indian imports valued approx. $390 billion in 2020-21.<\/p>\n<h2 style=\"text-align: justify;\"><strong>Types of Import<\/strong><\/h2>\n<p style=\"text-align: justify;\"><img decoding=\"async\" class=\"aligncenter wp-image-34488 size-full\" title=\"Types of Import\" src=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/12\/Screenshot_1-1.png\" alt=\"Types of Import\" width=\"424\" height=\"197\" srcset=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/12\/Screenshot_1-1.png 424w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/12\/Screenshot_1-1-300x139.png 300w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/12\/Screenshot_1-1-400x186.png 400w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/12\/Screenshot_1-1-292x136.png 292w\" sizes=\"(max-width: 424px) 100vw, 424px\" \/><\/p>\n<ul style=\"text-align: justify;\">\n<li><strong> Import of goods: <\/strong>The Integrated Goods and Services Tax (IGST) Act, 2017 defines \u2018import of goods\u2019 as bringing goods to India from abroad. Import within India is considered as an inter-State supply and integrated tax in addition to the customs duties is applicable.<\/li>\n<li id=\"What\"><strong>Import of services: <\/strong>Import of services\u2019 are defined under the IGST Act, 2017, it refers to the supply of any service where the supplier is located outside India, the recipient is located in India and the place of supply of service is in India<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><strong>What is the import of goods and services?<\/strong><\/h2>\n<p style=\"text-align: justify;\">The business in goods and services shall be considered as import when the-<\/p>\n<ul style=\"text-align: justify;\">\n<li>Supplier of goods and services is located outside the territory of India,<\/li>\n<li>The recipient of goods and services is located within the territory of India,<\/li>\n<li>Place of supply of goods and services is within the territory of India, and<\/li>\n<li id=\"GST\">Supplier of goods and services, as well as the recipient of goods and services, are not merely establishments of a distinct person;<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><strong>\u00a0<\/strong><strong>Types of GST<\/strong><\/h2>\n<p style=\"text-align: justify;\"><strong>\u00a0<\/strong>The GST is classified into the following types depending on the supply i.e. intrastate or interstate:<\/p>\n<p style=\"text-align: justify;\"><strong>\u00a0<\/strong><img decoding=\"async\" class=\"alignnone wp-image-34489 size-full\" title=\"\u00a0Types of GST\" src=\"https:\/\/www.cagmc.com\/wp-content\/uploads\/2021\/12\/imgpsh_fullsize_anim-3.jpg\" alt=\"\u00a0Types of GST\" width=\"2000\" height=\"829\" srcset=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/12\/imgpsh_fullsize_anim-3.jpg 2000w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/12\/imgpsh_fullsize_anim-3-300x124.jpg 300w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/12\/imgpsh_fullsize_anim-3-1024x424.jpg 1024w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/12\/imgpsh_fullsize_anim-3-1536x637.jpg 1536w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/12\/imgpsh_fullsize_anim-3-1260x522.jpg 1260w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/12\/imgpsh_fullsize_anim-3-615x255.jpg 615w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/12\/imgpsh_fullsize_anim-3-400x166.jpg 400w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/12\/imgpsh_fullsize_anim-3-292x121.jpg 292w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/12\/imgpsh_fullsize_anim-3-1320x547.jpg 1320w\" sizes=\"(max-width: 2000px) 100vw, 2000px\" \/><\/p>\n<h3 style=\"text-align: justify;\"><strong>Application of GST on import of goods<\/strong><\/h3>\n<p style=\"text-align: justify;\"><strong>\u00a0<\/strong>According to the provisions of the GST Act, all imports into India are considered as inter-state trade and tax is applicable on it. Apart from attracting GST, the importer of goods is also subject to Customs Duties. The GST applies to imports along with the Customs Duty, the <a href=\"https:\/\/www.cagmc.com\/gst-registration\/\" target=\"_blank\" rel=\"noopener\">GST<\/a> Compensation Cessis levied on luxury goods under the provisions of the Goods and Services Tax (Compensation to States) Cess Act, 2017.<\/p>\n<h3 style=\"text-align: justify;\"><strong id=\"Tax \">Application of GST on import of services<\/strong><\/h3>\n<p style=\"text-align: justify;\">Service importers have to pay GST on <a href=\"https:\/\/www.cagmc.com\/reverse-charge-mechanism-rcm-applicability-on-various-services-under-gst\/\">Reverse Charge Mechanism (RCM)<\/a> which means that the service recipient in India is liable to pay tax. After GST is paid on an RCM basis the credit can be availed.<\/p>\n<h2 style=\"text-align: justify;\"><strong>Tax structure and input tax credit in import under GST<\/strong><\/h2>\n<table style=\"height: 271px;\" width=\"619\">\n<tbody>\n<tr>\n<td width=\"213\"><strong>Tax Structure<\/strong><\/td>\n<td width=\"213\">IGST and Basic Custom Duty (BCD) shall be levied<\/td>\n<\/tr>\n<tr>\n<td width=\"213\"><strong>Input Tax Credit (ITC)<\/strong><\/td>\n<td width=\"213\">ITC of IGST is permitted<\/p>\n<p>ITC of BCD is not permitted<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p id=\"Calculation\" style=\"text-align: justify;\"><a href=\"https:\/\/www.cagmc.com\/import-export-code\/\">Input Tax Credit<\/a>\u2019 implies to claim the credit of the GST paid on purchase of Goods and Services used for the furtherance of business. The mechanism is the backbone of GST and an important reason behind enactment of the GST Act.<\/p>\n<p style=\"text-align: justify;\">Through GST a single tax levied across India and everybody is able to take benefit of the same and there is seamless flow of credit.<\/p>\n<h2 style=\"text-align: justify;\"><strong>Calculation of GST on imports<\/strong><\/h2>\n<p style=\"text-align: justify;\">The goods are classified under the Harmonized System of Nomenclature (HSN) Code System as per which the customs duties and tax rates that shall be levied are determined.<\/p>\n<p style=\"text-align: justify;\">The GST rate is levied on the total product value [+] the total customs duty imposed on the imported goods.<\/p>\n<p style=\"text-align: justify;\"><strong>\u00a0<\/strong><strong>Let\u2019s understand it with the help of an example-<\/strong><\/p>\n<table>\n<tbody>\n<tr>\n<td width=\"638\">The assessable value of goods imported in India- Rs. 100<\/td>\n<\/tr>\n<tr>\n<td width=\"638\">Basic Customs Duty- Rs. 10 (10% of the Assessable value of goods imported)<\/td>\n<\/tr>\n<tr>\n<td width=\"638\">Value for levying IGST- Rs.110<\/td>\n<\/tr>\n<tr>\n<td width=\"638\">IGST Tax Rate- 18%<\/td>\n<\/tr>\n<tr>\n<td width=\"638\">18% of Rs. 110 = Rs. 19.80<\/td>\n<\/tr>\n<tr>\n<td id=\"Goods \" width=\"638\">Total taxes = Rs. 29.80<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 style=\"text-align: justify;\"><strong>Goods imported exempted from GST<\/strong><\/h2>\n<ul style=\"text-align: justify;\">\n<li>Goods imported through business located in a Special Economic Zone<\/li>\n<li>Goods imported for India\u2019s internal security forces<\/li>\n<li>Research equipment imported for institutions<\/li>\n<li id=\"Impact\">Goods imported from Nepal and Bhutan<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><strong>\u00a0<\/strong><strong>Impact of GST on Import<\/strong><\/h2>\n<ul style=\"text-align: justify;\">\n<li><strong>Inter-State Supply<\/strong>: Imports in India attract the IGST in addition with BCD and other surcharges are also applicable.<\/li>\n<li><strong>Import of Services<\/strong>: Tax payment liability on service receiver and provider by persons residing outside India.<\/li>\n<li><strong>Transaction Value<\/strong>:\u00a0The Additional duties of Customs, referred to as Countervailing Duty (CVD) and Special Additional duty of Customs (SAD), would be replaced with the levy of IGST, having a few exceptions.<\/li>\n<li id=\"Final\"><strong>Refund of Duty<\/strong>: According to the new regime, the tax paid during the import is available as a credit under the model of \u2018sale and import\u2019. The refund of duty is applicable after meeting the specific compliance requirements.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><strong>Final words<\/strong><\/h2>\n<p style=\"text-align: justify;\">According to the provisions of the <a href=\"https:\/\/services.gst.gov.in\/services\/gstlaw\/gstlawlist\" target=\"_blank\" rel=\"noopener\">GST Act<\/a>, the importer of the goods and services is liable for collecting and depositing GST. The importers have to pay the GST and are liable to pay the returns according to the Indian Customs Act.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>We are the world&#8217;s fastest-growing economy. India ranks the seventh number in the world for its economy. The most important [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":34482,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[71],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Everything you need to know about Implications of GST on Imports<\/title>\n<meta name=\"description\" content=\"Everything you need to know about Implications of GST on Imports. 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