GST on import of goods is levied under proviso to section 5(1) of IGST Act which provides that IGST will be levied ‘at the point’ when customs duties are leviable. Accordingly, to determine the IGST applicable under section 3(7) of Customs Tariff Act, reference must be made to the IGST rate prevailing on the date of levy of such IGST. Hence, any exemption issued under IGST Act will apply to import of goods.
( ICAI FAQ PUBLICATIONS 06-09-2017 EXEMPTION: FAQ NO. 4)