Is Basic Duty payable by EOU after GST implementation?

Posted on 20 April 2023 Category : GST EXIM

Is Basic Duty payable by EOU after GST implementation?

A brief idea about Basic Duty payable by EOU after GST implementation is explained here

Goods and service tax regime in India plays a pivotal role to change Indian economy. How does exports and imports influenced when implementing GST in India? How does EOU function in GST regime? Is basic duty payable on imports by EOUs? How are duties treated on imports by Export Oriented Units?

Export Oriented Units (EOUs) constitute a very important sector in the country’s Export Production scenario. They have become dominant players in our export strategy, and their share in the Country’s export performance is about 10%.

The EOUs will continue to get exemption from payment of the basic Customs Duty, however they will have to pay IGST on imports. On the IGST paid on import of inputs, ITC would be available which can be utilized forpayment of GST payable on the goods cleared in the DTA. Refund of the unutilized ITC can also be claimed under Section 54(3) of CGST Act.

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