Although the government says the new GST regime will take effect in July, there are still many discrepancies, ambiguity and confusion relating to customs duties and concessions, causing hardship especially to those engaged in import and export activities.
Imported stocks of components, consumables and raw materials worth crores of rupees have been unsold on account of confusion over input credit availability against Counter Value Duty/ Special Additional Duty paid on imported goods. Ways and means should be found to retain the exemptions/concessions granted under “preferential treatments” accorded to imports under trade agreements such as ASEAN Free Trade Agreements and from least developed countries.
There needs to be a formula to calculate Integrated Goods and Service Tax and compensation cess on imports, so that the effective rate of duty levied is error free.
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