gst export and import impact
TRANSCRIPT
EXPORT PROVISIONS IN GST
2
• Export of Goods means “taking goods out of India to a place outside India.”
• Receipt of Foreign currency is not criteria for export of goods
• Present ARE forms (A document submitted to customs authorities by exporters
verifying that shipping bills are accurate and complete). – May not be required.
• However for Export on payment of GST, such forms would be required.
• Export of goods are categorized under Zero rated Supplies.
EXPORT OF GOODS
“Export of services” under GST means the supply of any service when-
Supplier located in India
Recipient located outside India
Place of supply of service is outside India
Payment is received by the supplier of service in convertible foreign
exchange
Supplier of service and recipient of service are not merely establishments
of a distinct person in terms of explanation to levy section
All the above mentioned conditions should be satisfied cumulatively.
EXPORT OF SERVICES
Exports shall be treated as zero-rated supply.
Zero rated supply means a supply of any goods and/or services on
which no tax is payable but credit of the input tax related to that
supply is admissible.
WHETHER EXPORTS ARE TAXABLE???
Refund under 2 options –
Export goods or services under
bond – without payment of IGST
and refund of unutilized credit.
Export on payment of IGST and
claim refund of IGST paid
REFUND OF UNUTILISED CREDIT
POS – Location outside India
Export turnover shall be included in aggregate turnover.
No refund of unutilized credit – If goods exported are subject to
export duty.
OTHER ASPECTS
IMPORT PROVISIONS IN GST
www.hiregange.com 8
Import of Goods means “bringing goods into India from
a place outside India”.
Import starts when goods cross the customs barrier in a
foreign country and ends when they cross customs barrier
in the importing country, India
IMPORT OF GOODS
‘‘Import of services” means the supply of any service, where––
the supplier of service is located outside India;
the recipient of service is located in India; and
the place of supply of service is in India.
All the above mentioned conditions should be satisfied cumulatively.
Supply of services imported into the territory of India shall be treated to be a
supply of services in the course of inter-State trade or commerce.
Liability of payment of tax is on the Recipient of service. The tax paid is eligible
as credit.
IMPORT OF SERVICES
Imports into India will be considered as Inter-State supply
IGST will attract. Along with BCD and other surcharges.
Valuation- IGST is levied on Transactional Value on Import of goods.
POS- Location of importer
Transactional value includes taxes, duties, fees and charges levied under
any other statute i.e BCD will added to transactional value of imports.
Incase of Import and Sale – IGST is admissible as Credit.
IMPORT OF GOODS/SERVICES
ANY QUERIES???
For any clarificationCA LGopal Shah
BhubaneswarEmail: [email protected]
M- 9437124361