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of <h1>GST Rollout: Impact on Importers and Exporters with New IGST Rules and Procedures Effective July 1, 2017.</h1> The circular addresses the rollout of the Goods and Services Tax (GST) effective from July 1, 2017, and its implications for importers and exporters. Basic Customs Duty, Education Cess, and other duties remain unaffected, but Countervailing Duty (CVD) and Special Additional Duty (SAD) are replaced by Integrated GST (IGST). Imports will attract IGST and possibly GST Compensation Cess, while exports are zero-rated, allowing for IGST refunds or input tax credit refunds. Importers must use GSTIN for transactions, and new procedures for duty calculations and documentation are outlined. Exporters can claim refunds under specified conditions, and transitional provisions are in place for duty drawbacks and refunds.
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