TaxTMI 
TaxTMI 
Changes in IGST EXEMPTION ON IMPORTS OF GOODS
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....hanges in IGST EXEMPTION ON IMPORTS OF GOODS <br>GST<br>Dated:- 6-10-2017<br><BR>As per discussions held in the 22nd GST Council Meeting held under Chairmanship of Union Finance Minister Shri Arun Jaitley on 6th October, 2017, the following changes in IGST rates on Imports of specified Goods have been recommended. S. No Description Present applicable IGST rate Recommended IGST rate 1 IGST ex....
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....emption on imports of rigs imported for oil / gas exploration and production projects under lease, subject to the following conditions that: (i) Integrated tax leviable under section 5(1) of the IGST Act, 2017 on supply of service covered by item 1(b) or 5(f) of Schedule II of the Central Goods and Services Tax Act, 2017; (ii) The rig is not sold without the prior permission of the Commissioner ....
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....of Customs of the port of importation; (iii) to re-export the goods within 3 months from the expiry of the period for which they were supplied under a transaction covered by item 1(b) or 5(f) of Schedule II of the Central Goods and Services Tax Act, 2017 out of India; (iv) to pay on demand an amount equal to the integrated tax payable on the said goods but for the exemption under this notificati....
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....on in the event of violation of any of the above conditions and applicable interest. 5% Nil 2 Exemption from IGST on imports of medicines supplied free by international agencies like UNICEF, WHO, Red Cross etc. 12%/5% Nil 3 A. Exemption from IGST on imports of bona fide gifts upto CIF value limit of ₹ 5000 imported through post or air. 28% Nil<BR> News - Press release - PIB....