As per Section 7 of the IGST Act,2017, all imports are deemed as inter-State supplies for the purpose of levy. Accordingly in regard to goods IGST would be levied on import of goods in addition to the Basic Custom Duty. Import of services is subject to IGST only and payment of tax thereon is generally covered under reverse charge mechanism. Full set-off is available in regard to IGST paid on imports as Input Tax Credit thereon can be availed, subject to fulfillment of conditions.
Team Clearmytax.in
Frah Saeed Changed status to publish June 2, 2020