Quick guide on Import of Goods and Services, including treatment, place of supply, ITC on IGST and other frequently asked questions
For Example: Mr M imports electric kettles from USA for her kitchen store in Hyderabad, Telangana. Mr M is registered in Uttar Pradesh. The Place of supply is Telangana
The input Tax credit of the IGST and the compensation cess paid at the time of import shall be available to the importer and the same can be utilized by him as input tax credit for payment of taxes on his outward supplies
The input tax credit of compensation cess can only be used for payment of compensation cess. But the Basic customs duty and education cess paid at the time of import shall not be available as input tax credit.
A comprehensive list of frequently asked questions on Import GST Guide
A) The following conditions need to be satisfied as per the definition of import of services
A) The various elements involved in a service transaction can be used as proxies to determine the place of supply.
Business test is not required in the case of import of services. Import of service is treated as supply even it is not in course of furtherance of business.
The importer is liable to pay IGST under Reverse Charge Mechanism under GST
In case of import of OIDAR services, the supplier located outside India shall be responsible for payment of taxes. For this purpose, the supplier will have to take registration or will have to appoint a person in India for payment of taxes.
The refund application should be filed within 2 years from the end of the financial year in which such claim for refund arises.
A) The refund application should be filed within 2 years from the date on which return relating to such deemed exports is furnished.
A) The refund application should be filed as follows
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