Treatment of Import/Export under GST

Imports 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 will be available on the GST paid on import of goods and services. Exports under GST Exports will be treated as zero-rated supplies. No tax will be payable on exports of goods or services, however, the credit of … Continue reading Treatment of Import/Export under GST