IMPACT OF GST ON CUSTOM VALUATION OF CASHEW KERNALS: A STUDY ON PRESENT SCENARIO
Abstract
Tax is an important and most significant source of revenue of the government. It is an effective
tool to achieve economic growth. Taxes may be direct or indirect. New indirect tax reform made
tremendous variation in the Indian economy. New tax reform affected on price of the goods and
services of the country. Goods and Service Tax is one of the transformation reforms of the
indirect tax, which replaced excise duty, CENVAT, service tax, entry tax etc. This effect the
another element of indirect tax of India i.e., customs duty. One of the major imports of India is
cashew kernels which contributes 65% of the world export. In order to meet the domestic
demand, Cashew kernel was imported from other countries. This new tax affects the price of the
cashew and also the procedure of custom valuation of goods and gateways for availing input tax
credit.
This study is attempted to identify the Goods and Service Tax effect on import duty and
changes happened in case of valuation of cashew kernels
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