Hy
For calculating integrated tax under section 3(7) of customs act we take transaction value + basic customs duty and then do we also add cess before calculating integrated tax or not?
Transaction value. Xxxxxx
Add customs duty . Xxxxxx
Total value. Xxxxxx
Add cess Xxxx,x
Total xxxxxx
Add integrated tax. Xxx xxx
Is it right ?
Thanks
Indira
Assessable Value -
Besic custom duty @ 10% -
Edu Cess & Higher edu cess -(2) above -
Safegard duty & anti dumping duty (if any) -
IGST - on 4 above
GST compensetion cess on -5 above
Total -
please confirm
Dear Indira,
IGST is calculated on total of (Assessable(now it is CIF)+Cess if applicable+Social Welfare Surcharge) .for excemple :
(1) Assessable(CIF) is Rs.100
(2) Basic customs duty is 10%
(3) Social Welfare Surcharge is 10%
(4) IGST is 18%
Basic Customs duty 10% on Rs. 100 =Rs. 10
Social Welfare Surcharge is 10% on Basic Customs duty=Rs.1
IGST 18% on( CIF+Basic Customs duty+Social Welfare Surcharge)=Rs.19.98
Totalling Rs.30.98 or you can say 30.98% on CIF Rs.100
CAclubindia
