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Goods and Service Tax - Impact on Imports / Exports / Foreign Trade Policy

Goods and Services Tax - GST - By: - CS SANJAY MALHOTRA - Dated:- 7-9-2016 Last Replied Date:- 14-9-2016 - Goods and Service Tax - Impact on Foreign Trade Policy Impact of Goods and Service Tax on Imports and Exports in India is the area which calls for review of various statutory compliances, IGST Rates, Export Benefits, Import Exemptions, Position of EOU in present Vs GST Regime, Supplies to SEZ/STPI/Mega Power Projects/Projects under ICB (International Competitive Bidding)...... Industry at l .....

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ake up with the Ministry of Finance and it is recommended to have members from DGFT also to be part of GST Council so that the provisions of FTP 2015-20 should be taken care of and suitably considered while drafting GST Bill. Royal Malaysian Customs GST on Imports can be referred to as a guide for formulating GST treatment in case of Imports. Utilisation of Duty Credit Scrip (MEIS/SEIS) Duty Credit Scrip is issued by the office of Regional DGFT at a specified % on FOB Value of Exports on the Not .....

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ment of Duty payments against E.O. Defaults in Chapter 4 and 5 of FTP 2015-20 No Provision exists in the Model GST Law-2016 (Section 35) for the utilisation of Duty Scrip for the payment of GST in case of Indigenous sourcing or Imports or E.O. Defaults. The same should be reviewed and suitably incorporated in GST Law as one of the Mode of Payment of GST as in the absence of same, financial outflow will increase and the Duty Credit Scrip remain unutilised or accumulated with the Exporter. However .....

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f Model GST Law and Section 8 of IGST Act for Credit of Input Tax. Transitional Provisions not aligned with FTP 2015-20 Transitional provisions have been defined under Model GST Law for carry forward of Input Tax credit on the appointed day, but NOTHING has been specified for Input Tax Credit in GST regime in respect of Duty Payments made from Duty Credit Scrip before the appointed date. Transitional provisions should be specified by the Office of DGFT (Ministry of Commerce) in alignment with th .....

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igenous sourcing against Import Licences with Invalidation letter??? All the above needs to be considered and incorporated in GST Model Law so as to have continuity in business operations. Exempted Supplies to EOU/STPI/Mega Power Projects against Concessional Certificates At present Supplies to EOU/STPI/Mega Power Projects/World Bank Funded Projects / Projects under ICB are exempted from Central Taxes against CT-3/CT-1/Certificates from State Govt. or by way of Refund of Terminal Excise Duty / D .....

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ake in India concept. What would be the GST Liability for Temporary Importation of Goods in India and sent back after repairs, reconditioning, testing or any other processes- Not defined in Model GST Law??????? What would be the treatment of GST in case of Import of material in India and transfer to Warehouse, which would be cleared for home consumption afterwards from Warehouse. GST is to be paid upon clearance of goods from warehouse but all these needs to be specified by GST Law. Supplies as .....

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n of Free Foreign Currency. IGST will be substituted for CVD (Countervailing Duty) and SAD (Special Additional Duty). At present the CVD and SAD put together accounts for tax rate of nearly 17%, whereas GST rates may be 18-22%. Change in GST Rates may impact Export Obligation also. For e.g. in case of sourcing under Zero Duty EPCG Scheme, in majority of cases CVD (12.50%) and SAD (4%) thus put together amounts to 17% considering cascading impact. If IGST rates prevail around 20-22%, the same wou .....

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