Import of Goods under GST

The GST Act has define the concept of import of goods as inward supply of goods into Indian territory from outside India. As per GST rule all goods imported will be treated as Interstate supply hence will attract IGST. Along with IGST, custom duty will also be charged. At end gods imported in India will be charged with IGST after consideration of custom duty value on goods.

Illustration of GST Calculation
Let us say value of goods Imported is Rs 1000 and there is 10% of custom duty on it then GST will be charged as = (1000+10%)*18% = 198 Rs.
Payment of GST
Goods can be only removed after successful payment of IGST and customer duty either paid directly or via any custom house agent.
Input Tax Credit 
IGST Paid on such imported goods can be easily claim as input Tax credit to pay off GST Tax liablity.
Transaction :- Transaction of Import contain number of steps which can be complicated which can be as
  • Purchase of Goods
  • Booking of IGST Credit and Liability
  • Payment of Custom duty and IGST
  • Booking of Freight and other Charges with RCM
  • Recording expenses of Custom house agent
  • Claiming of Input Tax Credit
Recording above transaction in systematic manner is much important and as a beginner you can learn this in simple and detail via this E-Book. You can click and download this E-Book for free

You can also learn the same on online my youtube channel click here


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Thanks and Regards,
Parvez Ansari