Need to make the calculation of the GST for the products

For every country in the world, International Trade is always considered as one of the most significant part of economic growth and development of the country. It is also true for India. Hence, for better development of the economy it is always necessary to keep detailed information about both the domestic and international markets. India is known to have the fastest growing economy and managed to maintain seventh position for having biggest economy of the world. Therefore, for Indian companies it is vital imperative to keep a check on trade performance for both domestic and international markets.

How GST Impacted on Imports in India

Very recently, Indian Government has implemented long awaited GST and already it has a significant impact on the economy of the country. This rule has changed the taxation structure of the country and we can notice lots of changes in the international trades too. This rule has changed the indirect taxation tax structure and it has removed certain exemptions too.  Hence, every business organization in the country needs to get accustomed with the new tax structure and it is necessary to take professional help to get authentic India Import Data.

Previously, for importing goods it was necessary for every customer to pay the duties such as

Ø  Custom duty
Ø  Countervailing duties of excise
Ø  Special additional duty,
Ø  Other taxes

But with the implementation of the GST, customers are required to pay single tax. For importing goods, IGST is needed to be paid by every importer at present. But only in case of imparting petroleum products and different types of Pan Masala, a separate countervailing duty is additionally charged on these products.  Hence, it is necessary to have a talk with the professionals to get all necessary details as how you need to make the calculation of the GST for the products which you are importing from other countries.

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