This Presentation Is Help Full In The Education , And Also Help In The Import- Export Etc..

1. GST And Import – Export
Name : Abhishek Ghetiya
Enrollment : 16SBSBA11012
Sub : Import & Export
Guidance By : Dr. Reena Patel

2. OUTLINE OF THE PRESENTATION
What Is GST
Introduction
Import Of Service Under GST
Impact Od Export
Imports and export be taxed under GST?
Impact of GST on Imports and Exports in India
Import-Export of goods/services be treated under GST?
Example Of Import – Export
Conclusion

3. What Is GST
• GST is an Indirect Tax which has replaced many Indirect
Taxes in India. The Goods and Service Tax Act was passed
in the Parliament on 29th March 2017. The Act came into
effect on 1st July 2017; Goods & Services Tax Law in
India is a comprehensive, multi-stage, destination-based
tax that is levied on every value addition.
• GST is one indirect tax for the entire country.

4. Import of services under GST
• Under GST, the import of service is taxable
if
1. The supplier of service is located outside India;
2. The recipient of service is located in India;
3. The place of supply of service is in India; and,
4. The supplier of service and the recipient of service
are not merely establishments of a distinct person.

6. Impact on exports
• Under GST, exports are treated as ‘zero-rated supplies’. If
GST is paid at any point of supply against exports from
India, a trader may either export without the payment of
IGST under bond or letter of undertaking, or may pay the
IGST and claim refund later.
• In both cases, an exporter must provide details of GST
invoices in the shipping bill.

7. How will imports and export be
taxed under GST?
• 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 14 15
will be available on the GST paid on import on goods
and services.

9. Impact of GST on Imports and Exports in India
• The new goods and services tax (GST), launched on July 1, 2017, will
change how business is done in India.
• It is likely to have a significant impact on the international trade of
goods through changes in the structure of import and export taxation,
and the withdrawal of various indirect taxes and exemptions.
• In the previous tax system, the imports of goods were subject
to import duties such as custom duty, countervailing duty (equivalent
to excise duty), and special additional duty (equivalent to value added
tax), and the import of services was subject to service tax.

10. How will the Import-Export of
goods/services be treated under GST?
• “Integrated Goods and Services
Tax” (IGST) means tax levied
under this Act on the supply of
any goods and /or services in the
course of inter-State trade or
commerce.
• Hence, the provisions
of IGST act shall be applicable to
supply of goods/services in the
course of import and export.

11. Example of Import - Export
• For example, ‘X’ imported goods worth of INR 10,000 and incurred
some expenses to produce the final good. 10% of basic customs duty
is chargeable on the imported goods, and then manufactured goods are
sold at INR 45,000 plus applicable GST.
• The cost of goods was 10,000, with additional BCD of 10% of the
cost which makes the cost of imported goods as 11,000 and an
additional charge of 5 % (550) CGST and 7 %( 770) SGST of the
cost of imported goods including BCD makes it INR 12,320.
• When these imported goods are in the states for example 45,000 with
CGST on the import of 5% (2,250) and SGST on the import of 7%
(3,150) computes the sale value as INR 50,400.

12. Conclusion
• Indian economy is one of the fastest growing sectors in the world.
The balance of payment is the basic tool to evaluate a country’s
economic performance and it refers to the balance between import
and export as no country is fully self-sufficient.
• These factors including the balance of payment and trading (import
and export) decide the economic fate of a nation. The Goods and
Service Tax come into play in India on 1st
July 2017. As we already
know GST is going to change the existing business structure in India,
it will also transform the import-export scenario in the country.
• This article will discuss how GST will influence the import and
export scenario in India.