Customs GST roll out: IGST replaces CVD/SAD on most imports; exports treated as zero rated with refund or LUT options. Guidance sets out that from 1 July 2017 most Additional Duties (CVD/SAD) are replaced by IGST, specified goods attract GST Compensation Cess, and exports are zero rated supplies. IGST and Compensation Cess are levied on imports arriving or declared on/after that date, with IGST calculated on assessable value plus customs duties and specified additions (including anti dumping and safeguard duties). GSTIN must be quoted on Bills of Entry for importers to claim ITC; Bill/Shipping Bill formats and IT systems will be amended; transitional provisions and detailed duty calculation illustrations and refund/drawback options are provided.
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Provisions expressly mentioned in the judgment/order text.
Customs GST roll out: IGST replaces CVD/SAD on most imports; exports treated as zero rated with refund or LUT options.
Guidance sets out that from 1 July 2017 most Additional Duties (CVD/SAD) are replaced by IGST, specified goods attract GST Compensation Cess, and exports are zero rated supplies. IGST and Compensation Cess are levied on imports arriving or declared on/after that date, with IGST calculated on assessable value plus customs duties and specified additions (including anti dumping and safeguard duties). GSTIN must be quoted on Bills of Entry for importers to claim ITC; Bill/Shipping Bill formats and IT systems will be amended; transitional provisions and detailed duty calculation illustrations and refund/drawback options are provided.
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