The commerce ministry today aligned certain provisions of the foreign trade policy with the Goods and Services Tax (GST) regime by extending tax exemptions on imports.
As per the notification of the Directorate General of Foreign Trade (DGFT), goods imported under Advance Authorisation will now be exempt from payment of integrated tax and compensation cess under the GST.
Similar exemptions have also given for import of second hand capital goods.
"Second hand capital goods, without any age limit, may also be imported without payment of...Integrated Tax and GST Compensation Cess...," it added.
It also said that export oriented unit/ Electronics Hardware Technology Park / Software Technology Park / Bio- Technology Park units may import without payment of integrated Tax and GST Compensation Cess.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)