Changes in IGST EXEMPTION ON IMPORTS OF GOODS

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..... Changes in IGST EXEMPTION ON IMPORTS OF GOODS - Goods and Services Tax - GST Dated:- 6-10-2017 - News - As per discussions held in the 22nd GST Council Meeting held under Chairmanship of Union Finance Minister Shri Arun Jaitley on 6th October, 2017, the following changes in IGST rates on Imports of specified Goods have been recommended. S. No Description .....

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..... Present applicable IGST rate Recommended IGST rate 1 IGST exemption on imports of rigs imported for oil / gas exploration and production projects under lease, subject to the following conditions that: (i) Integrated tax leviable under section 5(1) of the IGST Act, 2017 on supply of service covered by item 1(b) or 5 .....

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..... (f) of Schedule II of the Central Goods and Services Tax Act, 2017; (ii) The rig is not sold without the prior permission of the Commissioner of Customs of the port of importation; (iii) to re-export the goods within 3 months from the expiry of the period for which they were supplied under a transaction covered by item 1(b) or 5(f) of Schedule II of the Central Goods and Serv .....

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..... ices Tax Act, 2017 out of India; (iv) to pay on demand an amount equal to the integrated tax payable on the said goods but for the exemption under this notification in the event of violation of any of the above conditions and applicable interest. 5% Nil 2 Exemption from IGST on imports of medicines supplied free by intern .....

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..... ational agencies like UNICEF, WHO, Red Cross etc. 12%/5% Nil 3 A. Exemption from IGST on imports of bona fide gifts upto CIF value limit of ₹ 5000 imported through post or air. 28% Nil - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - tax .....

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..... managementindia.com - TMI - TaxTMI - TMITax .....

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