In this last week before the Goods and Services Tax (GST) comes in, here are a few points that importers and exporters whose goods are covered under it should take note of and watch for.
On imported goods, instead of additional Customs duty (CVD and SAD), Integrated GST (IGST) will be levied at the rate prescribed for the product. CVD was levied only on the assessable value plus the basic Customs duty but IGST will be levied not only on the assessable value plus basic Customs duty but also on any anti-dumping duty, safeguard duty or countervailing duty that the goods
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