With
the implementation of GST, the Indian Custom Duty is now being calculated in different
way altogether. Here every business organisation should remain aware about this
calculation before they start dealing. There are lots of things that should be taking
into consideration for understanding what will be the GST for your case.
Every business organisation should know how the Indian Custom
Data is getting affected with the implementation of GST. The previous
calculations for Custom Duties have been abolished and now the duty is
calculated as per the rules mentioned in the IGST. On the basis of calculation of
IGST, it provides for levying and collection of duty.
One should know the types of custom duties application at
present. Mainly there are two types of custom duties, one is import duty and
another is export duty. The import duty includes the followings
·
Basic custom duty or BCD
·
Integrated Goods and Services Tax or
IGST
·
Compensation Cess
Now, it is also necessary to know
different types of custom duties applicable for importing of goods. The first one is basic custom duty and a
specific charge is included here. IGST is charged on the goods and service
which are imported by Indian companies.
For importing of goods, compensation cess
is also levied on the goods imported to India. This cess is collected on the
goods which are supplied inter or intra state.
Additional import duty such as safeguard duty and anti-dumping duty is
also levied on the goods brought within Indian Territory.
Based
on Indian Government Notification, IGST rate divided into:
·
5% on Goods Specified into Schedule I
·
12% on Goods Specified into Schedule II
·
18% on Goods Specified into Schedule III
·
28% on Goods Specified into Schedule IV
·
3% on Goods Specified into Schedule V
·
0.25% on Goods Specified into Schedule VI
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