Thinkstock image Thinkstock imageThe Goods and Services Tax (GST) Council has decided to exempt imports by privileged persons, organisations, authorities and foreigners under multilateral/bilateral commitments from the Integrated GST (IGST). Import into India will be considered as inter-state supply and, accordingly, will attract IGST along with basic customs duty and other surcharges. Matchboxes, packed organic fertiliser will face a five per cent tax in the new regime. Imitation jewellery, pearls and coins will attract three per cent tax from July 1, the proposed rollout date of GST, the list showed. The next GST Council meeting is slated for June 11 wherein the Council will take up tax rate for lottery and other pending rules of e-way bill and accounts and records.

Source: Indian Express June 04, 2017 23:26 UTC