Import of Goods

1. GST applicable on import of goods.
2. IGST (Integrated GST) payable.
3. Importer liable to pay GST.

Export of Goods

1. Zero-rated supply.
2. No GST payable.
3. Refund of unutilized ITC.

GST Compliance for Import/Export

1. Obtain Import Export Code (IEC).
2. Register on ICEGATE portal.
3. File Bill of Entry (BoE).
4. Pay GST through ICEGATE.

Key GST Concepts for Import/Export

1. Customs Front End (CFE).
2. Integrated GST (IGST).
3. Input Tax Credit (ITC).
4. Bond/LUT (Letter of Undertaking).

GST Rates on Import/Export

1. IGST rate: 0-28%.
2. Compensation Cess: 1-15%.
3. Customs Duty: variable.

Documents Required for Import/Export

1. Commercial Invoice.
2. Bill of Entry (BoE).
3. Shipping Bill.
4. Certificate of Origin.
5. GST Invoice.

GST Return Filing for Import/Export

1. GSTR-3B.
2. GSTR-1.
3. GSTR-6 (for ISD).
4. GSTR-9.

Common GST Errors in Import/Export

1. Incorrect GST rates.
2. Non-compliance with GST registration.
3. Inaccurate invoicing.
4. Non-payment of tax.

Best Practices

1. Consult GST experts.
2. Use GST-compliant software.
3. Regularly review GST regulations.
4. Maintain accurate records.

References

1. GST Act, 2017.
2. GST Rules, 2017.
3. CBIC notifications.

Additional Resources

1. GST portal (gst.gov.in).
2. CBIC website (cbic.gov.in).
3. ICEGATE portal (icegate.gov.in).

FAQs

1. What are GST implications on import/export?
2. How to file GST returns for import/export?
3. What are key GST concepts for import/export?

For more information on GST & other taxation related topics, visit bizconsulting.io.