GST Council: Import of specific sports good exempted from IGST
On November 10, the GST Council cut tax rates of over 175 products that were in the highest tax slab of 28% under the regime.
The GST Council during it's 23rd meeting held at Guwahati decided to exempt the import of specific sports goods by sports person from the ambit of Integrated Goods and Services Tax (IGST).
Under GST regime which has been effect in from July 01, 2017 - the IGST are defined as tax levied on all Inter-State supplies of goods and/or services and will be governed by the IGST Act.
This act is applicable on any supply of goods or services in both cases for import into India or export from India. The taxes are to be shared between the Central and State government, while exports are zero-rated.
On this decision, the Minister of State (I/C) Youth Affairs and Sports and Minister of State for Information and Broadcasting Col. Rajyavardhan Singh Rathore thanked the Prime Minister Narendra Modi, Finance Minister Arun Jaitley and the council members.
Rathore said, "The move is a major institutional support for sports and will be a big boost to promoting sports in the country."
This change in IGST will come into effect from November 15, 2017.