GST is the latest buzz in the Indian economy and we can
notice huge ups and downs in the market due to the implementation of this Tax
rule. Undoubtedly, it can be said that a new tax regime has started in India
with the implementation of Goods and Services Tax or GST. Hence, it is
necessary for every business organisation to understand the way this tax is
applicable and the GST Rate India. We are sure that many of the export and
import businesses are still confused abut this tax and finding it hard to
implement the same for their business. For such group of companies it is
advisable to seek the assistance of the professional experts in this field.
GST on Imported goods and rates applicable:
An organisation which is involved in the field of export and import,
should understand whether the GST rate is applicable in on the imported and
exported goods or not. Well, goods which are entering into the Indian Territory
and those which are exported both will come under the impact of GST. Imported
goods are considered as inter-state supply and hence IGST is applicable on
those goods. The rate is applicable as per the rates prevailed in the amended Customs
Tariff Act 1975.
Calculation of GST on imported goods
Whenever
you are planning to import certain items within the Indian Territory, you need
to understand the GST rates applicable on these goods and how the calculation
is to be done. At first calculate the assess able value and then add the basic
customs duty @ 10%. Then add the integrated tax rate @ 18%. So after doing
proper calculation as per the GST norm, you can plan to import any goods within
the Indian Territory. Professionals are
available in the industry which can guide you in calculating the GST in a
hassle free manner.
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