Dec 02, 2023
India Introduces Goods and Services Tax (GST)
August 1, 2017 On July 1, 2017, a Goods and Services Tax (GST) was enacted
August 1, 2017
On July 1, 2017, a Goods and Services Tax (GST) was enacted throughout India to replace multiple cascading taxes previously levied by state and local governments. Introduced as one indirect tax for the whole nation, the GST was created to unify India's tax system—fostering one common market and creating uniformity of tax rates and structures.
Freight forwarding and the logistics and shipping industry are at the center of the new law. The GST contains extensive provisions with regard to the State Goods and Service Tax (SGST); Central Goods and Service Tax (CGST); Integrated Goods and Service Tax (IGST) and other factors related to the supply of goods and services, input tax credit, time and place of supply, valuation, and provisions for transition.
To increase awareness of the new tax structure, Deringer has been working with international partners in India to determine the impact of the GST to shipments into and out of India—included below.
GST per Government notification:
Deringer will continue working with our international partners to provide further insight into the impact this change will have on importers and exporters. If you have any additional questions about India's new tax structure, please send an email to Deringer's Marketing Department.
Filed Under: Trade Alerts
shipments into and out of India GST per Government notification: