import and export

Import and Export under Proposed GST

IMPORT DUTY: Current State:  Central Government levy taxes when an article or thing is brought into its territorial limits. The duty is called Basic Custom Duty. It is the tax charged on imports. Along with Basic Custom duty, Countervailing Duties u/s 3(1) and 3(5) are also charged to compensate for the losses of Excise Duties[…]

Impact of GST on Import and Export

Impact of GST on Import and Export

India is the seventh largest economy in the world. It is the world’s fastest growing economy preceding the major economy of China. The basic tool to evaluate the growth of any country is Balance of Payment (BOP), which comprises the transactions in the Capital account, Current account and the reserves. Trade is considered as an[…]