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GST ROLL OUT AND PREPARATION THEEOF
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....e importers. Similar*, the refund on exports of goods is contingent upon filing of (a) Shipping bill accompanied by GST invoice and (b) Export Genera! Manifest. Hence there is immediate need for sensitizing Customs officers, trade and partner stakeholders to the changes imminent on the customs side. Changes in Customs Law and Procedure are accompanied by changes in the EDI system so as to effectively implement the IGST Law from 01.072017. This changes are broadly in the following areas : 1 Levy of duties - GST and Compensation Cess (wherever applicable) to be levied on imports. 2. Change on bill of Entry and Shipping bill Forms - To capture 8dditional details required for validation with GSTN in case Of {GST refund clai....
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....d and collected in accordance with the provisions of section 3 of the Customs Tariff Act, 1975 on the value as determined under the said Act at the point when duties of customs are levied on the said goods under section 12 of the Customs Act, 1962." 2. Thus, with effect from 01.07.2017, all imported goods shall attract IGSJ (and compensation cess, wherever applicable) in addition to the Customs duties such as Basic Customs Duty etc. However, the levy of CVD and SAD shall cease to exist on imported goods other than those on which Central Excise Duty/VAT continues to be levied even in the new regime. In this regard necessary amendments have been made in section 3 of the Customs Tariff Act, 1975 vide the Taxation Law....
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....s imported into India shall, in addition, be liable to the goods and services tax compensation cess at such rate, as is leviable under section 8 of the Goods and Services Tax (Compensation to States) Cess Act, 2017 on a like article on its supply in India, on the value of the imported article as determined under sub- section (10). (10) For the purposes of calculating the goods and services tax compensation cess under sub-section (9) on any imported article where such cess is leviable at any percentage of its value, the value of the imported article shall, notwithstanding anything contained in section 14 of the Customs Act, 1962, be the aggregate of-- (a) the value of the imported article determined under sub-secti....
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....et themselves familiar with the modified Forms. It is emphasized that other than the changes in the declaration, rest of the procedure with regard to clearance of imports and exports would remain the same. EDI Bill of Entry: 5. It may be noted that with the introduction of GST, information in the Bill of Entry would be reconciled with their returns filed on GSTN. Accordingly, credit claimed in their GST Return in respect of IGST paid on imports would be cross checked with the Document 3 6. Customs EDI system. Therefore, with effect from 01.07.2017, it would be mandatory for the importers to declare their GSTIN, ie., the GST registration number on the Bill of Entry if they wish to claim the credit of the IG....
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....se GST schedule. IGST exemption, concession list and CST Compensation Cess rates are already available on the official website of CBEC. In this regard, notifications for (a) levy and (b) exemption shall be issued by TRU shortly. The importer shall have to quote the relevant number of the levy notification as well as the exemption notification (wherever applicable) in respect of each imported item for application of correct rate. The IGST and Compensation Cess notifications directories are being developed in the EDI System to automatically calculate the levy on imported goods. The total IGST and Compensation Cess paid will be published on every Bill of Entry which can be quoted by the importer to claim the correspo....