With the introduction of goods and services tax,
we can notice huge changes in this field of Indian economy. Starting from
domestic market, we can notice lots of alteration within the international
trade too. The calculation of Import has changed and if you are engaged in importing
and exporting of goods, you need to pay attention towards the Import duty calculator after GST.
It was July 2017, since when we can notice a
severe change in calculating the import duty. The calculation of import duty
was done in the following ways before introduction of Goods and Services Tax.
1) Calculation of
basic custom duty
2) Calculation of
CVD or countervailing duty and special additional duty is levied on that
3) Addition of
education cess
4) Calculation of
anti-dumping duty and safeguard duty
Now, after implementation of GST, the
calculation of import duty has changed a lot and here you need to use Import duty
calculator after GST. The calculation of
import duty is done in the following ways in recent days.
1) Calculation of
basic custom duty remains same as before
2) Addition of
integrated Goods and Services Tax (IGST) and GST compensation Cess.
3) Now, educations
cess is added as before
4) Lastly,
calculation of anti-dumping duty and safeguard duty is done.
Here we want to say
that making the calculation of the goods and services tax will not be an easy job for you and you
will need the support and assistance of a qualified CA or Tax professional. A
trained professional can only guide you about the calculation so that you can
find it easy to manage the international business which you are having or even
for the one which you are planning to launch. Read the terms and conditions of
doing business crossing the boundaries of the country to ensure success.
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