GST is the latest buzz in the Indian economy and we can notice huge ups and downs in the market due to the implementation of this Tax rule. Undoubtedly, it can be said that a new tax regime has started in India with the implementation of Goods and Services Tax or GST. Hence, it is necessary for every business organization to understand the way this tax is applicable and the GST Rate India. We are sure that many of the export and import businesses are still confused abut this tax and finding it hard to implement the same for their business. For such group of companies it is advisable to seek the assistance of the professional experts in this field.
GST on Imported goods and rates applicable: An organization which is involved in the field of export and import, should understand whether the GST rate is applicable in on the imported and exported goods or not. Well, goods which are entering into the Indian Territory and those which are exported both will come under the impact of GST. Imported goods are considered as inter-state supply and hence IGST is applicable on those goods. The rate is applicable as per the rates prevailed in the amended Customs Tariff Act 1975.
Calculation of GST on imported goods
Whenever you are planning to import certain items within the Indian Territory, you need to understand the GST rates applicable on these goods and how the calculation is to be done. At first calculate the assessable value and then add the basic customs duty @ 10%. Then add the integrated tax rate @ 18%. So after doing proper calculation as per the GST norm, you can plan to import any goods within the Indian Territory. Professionals are available in the industry which can guide you in calculating the GST in a hassle free manner.