Question
Which of the following taxes will be levied on
imports?Solution
The tax levied on imports in India is the Integrated Goods and Services Tax (IGST). IGST is a comprehensive tax that combines both central and state components of the Goods and Services Tax (GST) and is applicable to the movement of goods and services across state borders and on imports into the country. It ensures uniformity and simplification in the taxation of imported goods by treating them as inter-state supplies, making it more efficient and streamlined for businesses.
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