Customs Provisions Related to export & Import vis a vis GST
In this session, CA Prerana Shah has discussed the major provisions of Customs under GST. It Covers Constitutional aspects, Import –IGST Act viz-a-v
In this session, CA Prerana Shah has discussed the major provisions of Customs under GST. It Covers Constitutional aspects, Import –IGST Act viz-a-viz Customs Laws, Exports, Valuation of supply while transaction, determination of Supply, and out & out transactions.
With the reference to the important case law the definition of “in the course of” is elaborated and how the meaning of the word is to interpreted under GST. The most important Article 269A of COI was also discussed by CA Prerana Shah with the provisions of the CGST Act, IGST Act, and CTA. Will the double taxation be done if one party in India and another party is outside India with the interpretation and explanation of the related provisions were explained with the case study. The related case studies are also explained with the reasoning of the decision by the High Court.
The Charging sections in the GST are the Section 5 IGST Act and Section 3(7) of CTA were discussed with differentiation of the “Tax” and “Duty”. Definition of “Import of services” was discussed with interpretation and the meaning of the words taken from other related provisions CGST Act and IGST Act. The important words like “India” are also explained by the map of India and its boundaries with the line of territorial waters. Sale, while the goods were within the customs bonded warehouses, is explained with the example, and questions were answered related to them.
After Import, the meaning of the word “Export” is discussed by the help of provisions of the CGST Act and Customs Act, 1962. Further, the discussion on the Supplies made in territorial water and the impact under GST was explained. Most of the exporter are confused while calculation of the supplies made for the export, CA Prerana Shah has also discussed what and the valuation has to be done. After that, the major problem is to find the Place of Supply, where is actually the goods were delivered and where it will chargeable.
At the end of the session, the questions from the live audience were answered.