Goods and Service Tax (GST) is a destination based consumption tax, the burden of which is borne by the final consumer.'Supply'of goods/services is the taxable event and supplies in the taxable territory only is liable for tax. GST which has been introduced with effect from 01-07-2017, one of the objectives was to make international transactions competitive. Compared to earlier regime, in place of diverse taxes, only one tax prevails. This write up highlights the legal and procedural aspects in GST relate to international trade. In GST, exports and imports are categorized as interstate supplies, subject to IGST A slew of changes have been introduced in clearance of goods for exports, claiming of rebate of tax paid on exports, refund of accumulated credit, manner of declarations, utilization of exim scrips etc. Complexities are there, which can be overcome by acquaintance with the relevant provisions.
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