How to deal with import transactions – GST and tally?

Definition of #ImportofGoods ‘’#Import of #goods’ with its grammatical variations and cognate expressions, means bringing #goodsintoIndia from a place outside India; Hence bringing goods into India from outside India is the #Import of goods.

There is no condition of #receiptofpayment in #foreigncurrency. #LevyofGST on Import of Goods: To levy GST under #GST act a transaction should be a #supply, Since import of goods transaction is not supplied hence GST is not leviable under #GSTact. As per proviso to #Section 5(1) of #IGSTact, 2017 #IGST on import of goods shall be levied and collected as per section 3 of the #customstariffAct, 1975 Value as per the same above provisions At the time when other duties are levied under #customact (on filing bill of Entry) Since GST paid on import of goods is levied under the #customsact, hence the same is a #customduty. Extract of Relevant provision is as follows: Provided that the #integratedtax on goods imported into India shall be levied and collected in accordance with the provisions of section 3 of the #CustomsTariff Act, 1975 on the value as determined under the said Act at the point when duties of customs are levied on the said goods under section 12 of the Customs Act, 1962 Input Tax #Credit of GST paid on Import of Goods: Since the #tax is being levied under the customs act it is a customs duty. The #credit of custom duty can not be taken under the GST act unless there is a specific inclusion in GST as an #inputtaxcredit. As per section 2(62) of the #CGST act, 2017 IGST paid on import of goods is included in the definition of Input tax. Extract of the same is as follows: 2(62) “input tax” in relation to a #registeredperson, means the central tax, State tax, integrated tax or Union territory tax charged on any supply of goods or services or both made to him and includes— (i) the #integratedgoodsandservicestax charged on import of goods; Hence GST paid on import of goods is treated as input tax and input tax credit can be availed. #Inter-state or #IntraStatesupply As per section 7(2) of IGST act import of goods shall be treated as inter-state supply. Extract of the same is as follows: 7(2) Supply of goods imported into the territory of India, till they cross the customs frontiers of India, shall be treated to be a supply of goods in the course of inter-State trade or commerce. Hence IGST shall be levied and charged on every import of goods transaction. #PlaceofSupplyofimportofGoods As per section 11 of IGST act place of supply of goods shall be the location of the importer Extract of the same is as follows: 11. The place of supply of goods,–– (a) imported into India shall be the location of the #importer; Linked videos: What is GST-https://www.youtube.com/watch?v=5a7BilM2S9s How to begin GST on tally ERP 9? https://youtu.be/_BLCtPoAJcs Popular videos: How to use a pivot table in excel https://www.youtube.com/watch?v=zuPy6zuZT2E&t=3s KEY FEATURES 1 Live project A Certificate of Professional Training after the completion of course. OJT Certificate. OJT(On the Job Training). To get more updates to join VIP COMMUNITY OF BPA EDUCATORS- https://www.facebook.com/groups/bpamastery/ Expert advice Call: +91-8512851249 Address: C-8/13, Sector-7, Rohini, Delhi-110085 Website: www.bpaeducators.com Instagram: https://www.instagram.com/bpaeducator/ Facebook: https://www.facebook.com/bpaeducator Twitter: https://twitter.com/EducatorsBpa LinkedIn: https://www.linkedin.com/company/bpa-educators/