How is GST Charged in case of Import of goods ?
Value of the goods for the purpose of levying IGST in case of import of goods shall be, assessable value plus Customs Duty levied under the Act, and any other duty chargeable on the said goods under any law for the time being in force as an addition to, and in the same manner as, a duty of customs. For e.g.,
Import Duty under GST
- Assessable value Rs. 100
- Basic Custom duty@7.5% Rs. 7.5
- IGST (A+B)say @18% Rs. 19.4
- Total Customs Duty (B+C) Rs. 26.9
[ GST compensation cess, may also be leviable on on certain luxury and demerit goods under the GST (Compensation to States) Cess Act, 2017.]
Related Topic on GST
| Topic | Click Link |
| GST Acts | Central GST Act and States GST Acts |
| GST Rules | GST Rules |
| GST Forms | GST Forms |
| GST Rates | GST Rates |
| GST Notifications | GST Act Notifications |
| GST Circulars | GST Circulars |
| GST Judgments | GST Judgments |
| GST Press Release | GST Press Release |
| GST Books | Best Books on GST in India |
| GST Commentary | Topic wise Commentary on GST Act of India |
| GST You Tube Channel | TaxHeal You Tube Channel |
| GST Online Course | Join GST online Course |