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Imports: Imports of Goods and Services will be treated as inter-state supplies and IGST will be levied on import of goods and services into the country. The incidence of tax will follow the destination principle and the tax revenue in case of SGST will accrue to the State where the imported goods and services are consumed. Full and complete set...
W Network
caI am planning to start an import-export business. Please tell me how imports and exports are taxed under the GST regime.
-
W Network
caImports: Imports of Goods and Services will be treated as inter-state supplies and IGST will be levied on import of goods and services into the country. The incidence of tax will follow the destination principle and the tax revenue in case of SGST will accrue to the State where the imported goods and services are consumed. Full and complete set-off will be available on the GST paid on import on goods and services.
Exports: Exports will be treated as zero-rated supplies. No tax will be payable on exports of goods or services, however, the credit of input tax credit will be available and same will be available as a refund to the exporters.
For future reading on this topic on running your Export-Import Business:
The Payment Systems in international trade- options for Importers and Exporters
Impact of GST on Trading Sector
Startups planning to Export – Top 3 things to note
Registration Process for Importer Exporter Code
We at Wazzeer have helped businesses in various sectors start smoothly without hassle. We would be very excited to help you kick your business and thereafter too. So let’s connect -> "Get Started!"
over 2 years ago
View answer
I am planning to start an import-export business. Please tell me how imports and exports are taxed under the GST regime.
-
W Network
caImports: Imports of Goods and Services will be treated as inter-state supplies and IGST will be levied on import of goods and services into the country. The incidence of tax will follow the destination principle and the tax revenue in case of SGST will accrue to the State where the imported goods and services are consumed. Full and complete set-off will be available on the GST paid on import on goods and services.
Exports: Exports will be treated as zero-rated supplies. No tax will be payable on exports of goods or services, however, the credit of input tax credit will be available and same will be available as a refund to the exporters.
For future reading on this topic on running your Export-Import Business:
The Payment Systems in international trade- options for Importers and Exporters
Impact of GST on Trading Sector
Startups planning to Export – Top 3 things to note
Registration Process for Importer Exporter Code
We at Wazzeer have helped businesses in various sectors start smoothly without hassle. We would be very excited to help you kick your business and thereafter too. So let’s connect -> "Get Started!"
over 2 years ago
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