Checkpoints OF Import of Goods and Services
1. Check the IGST paid, Value declared on the Bill of Entry, taxes charged etc.
2. In case of High Seas sale, the tax is paid on the value of the buyer clearing the consignment. CBEC Circular No. 33/2017 – Customs dt. 1st August, 2017 clarified that in case of High Seas Sale the tax should be paid only once at the time of importation.
3. If the import is under any Export Promotion Scheme, the Bill of entry should have appropriate remarks on the same.
4. Check the credit is availed of IGST paid on all eligible cases.
5. As per proviso to Sec. 5 of IGST Act, 2017, the integrated tax on goods imported into India shall be levied and collected in accordance with the provisions of section 3 of the Customs Tariff Act, 1975 on the value as determined under the said Act at the point when duties of customs are levied on the said goods under section 12 of the Customs Act, 1962. Therefore provisions of RCM are not applicable to import of goods.