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2021 (11) TMI 392 - AAR - GSTValuation - subsidy from Government of Karnataka, to be reduced from the value of import of plant and machinery from China or not - levy of GST on imports of plant & machinery after reducing Government subsidy from the CIF value of the imports - HELD THAT:- For the import of goods, the importer has to pay custom duty and IGST as per Customs Act, 1962 and Customs Tariff Act, 1975 on the value as determined under the Customs Tariff Act, 1975 at the point when the duties of customs are levied on the said goods. Thus it is evident that the value for levy of IGST on imports is governed by Customs Act, 1962 and Customs Tariff Act, 1975. The applicant is importing silk reeling machineries from China and is supposed to pay IGST on import of goods. The applicant wishes to know whether the subsidy given is to be reduced from the value of import of plant and machinery to pay IGST. Since the value for levy of IGST on imports is governed by Customs Act, 1962 and Customs Tariff Act, 1975 answering the questions of the applicant does not come under the purview of this authority. The application filed by the applicant for advance ruling is disposed off as rejected.
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