TMI BlogGST roll out and preparation there ofX X X X Extracts X X X X X X X X Extracts X X X X ..... swing. Changes in Customs law and procedure are accompanied by changes in the EDI system so as to effectively implement the IGST law from 01.07.2017. The changes are broadly in the following areas: Levy of Duties 1. Sub-section(l) of section 5 of the Integrated Goods and Services Act, 2017 states that Subject to the provisions of sub-section (2), there shall be levied a tax called the Integrated Goods and Services Tax on all inter-State supplies of goods or services or both, except on the supply of alcoholic liquor for human consumption, on the value determined under section 15 of the Central Goods and Services Tax Act and at such rates, not exceeding forty per cent. , as may be notified by the Government on the recommendat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of calculating the integrated tax under sub-section (7) on any imported article where such tax is leviable at any percentage of its value, the value of the imported article shall, notwithstanding anything contained in section 14 of the Customs Act, 1962, be the aggregate of- (a) the value of the imported article determined under sub-section (1) of section 14 of the Customs Act, 1962 or the tariff value of such article fixed under sub-section (2) of that section, as the case may be; and (b) any duty of customs chargeable on that article under section 12 of the Customs Act, 1962, and any sum chargeable on that article under any law for the time being in force as an addition to, and in the same manner as, a duty of customs, but does not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oduced under the Customs Tariff Act, 1975, Bill of Entry, Shipping Bill and Courier Regulations and Forms, both Manual and EDI, have been suitably modified and all such modified forms are available on the official website of CBEC (www.cbec.gov.in). All importers, exporters, Customs Brokers, Customs clearance software providers and other stakeholders are advised to get themselves familiar with the modified Forms. It is emphasized that other than the changes in the declaration, rest of the procedure with regard to clearance of imports and exports would remain the same. EDI Bill of Entry: 4. It may be noted that with the introduction of GST, information in the Bill of Entry would be reconciled with their returns filed on GSTN. A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs are advised to declare GSTIN, PAN and IEC while filing document for import/export of goods. However, over a period of time, declaration with regard to only GSTIN and PAN shall be required in the Bill of Entry. 5. For calculating the IGST or Compensation Cess, chapter wise, rate wise GST schedule, IGST exemption, concession list and GST Compensation Cess rates are already available on the official website of CBEC. In this regard, notifications for (a) levy and (b) exemption shall be issued by TRU shortly. The importer shall have to quote the relevant number of the levy notification as well as the exemption notification (wherever applicable) in respect of each imported item for application of correct rate. The IGST and Compensation Cess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eturn with regard to export of goods shall be validated by Customs EDI system. The confirmation of the export details by Customs shall be made once the EGM is filed. The taxpayer (exporter) shall be granted refund of the IGST paid by him on the exported goods based on the validation by Customs EDI system. This validation shall also act as the proof of export in case the exporter has made the supply under bond or LUT without payment of IGST. 8. In order to facilitate proof of export, Shipping Bill forms have also been modified to capture details such as GSTIN of the exporter, GST export invoice number etc. The exporter shall have to declare item-wise taxable value and corresponding IGST on the Shipping Bill. All these details will be used ..... X X X X Extracts X X X X X X X X Extracts X X X X
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