Under GST, a person importing goods has to pay customs and IGST. CVD and SAD levied under the current regime will be replaced by IGST. IGST will be imposed at the rate applicable to imported good in India as per the rates notified by the Government. However an importer can claim full tax credit of IGST paid on imports.<\/p>\n
Importers who were unable to claim credit of CVD or SAD in the current regime have been benefited to claim full tax credit of IGST paid on imports. However, it is pertinent to note that the Basic Customs Duty which is charged on import of goods shall not be eligible as ITC<\/p>\n
\nImports and exports will be treated as Inter-State supplies and IGST will be imposed on imports\/export goods in the India.<\/p>\n<\/blockquote>\n
Exports will be treated as zero rated supplies and no tax will be payable on export of goods and services.<\/p>\n
What Is Import And Export Of Services?<\/span><\/h2>\n
A person who imports services has to pay service tax on imported service as per the applicable rate in India. Services that are exempt from service tax are termed as export services.<\/span><\/p>\n
What Will be Considered As Import Service Under GST?<\/span><\/h2>\n
A supply will be considered as import service when:<\/span><\/p>\n
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- Supplier of the service is located outside India.<\/span><\/li>\n
- Recipient of the service is located within India; and <\/span><\/li>\n
- The place of supply of the service is in India. <\/span><\/li>\n<\/ul>\n
What Will Be Considered As Export Service Under GST? <\/span><\/h2>\n
These are specific conditions that are laid down for supply to be considered an export service under GST. <\/span><\/p>\n
A supply will be treated as export service when:<\/span><\/p>\n