CBEC clarifies that
transfer / sale of warehoused goods by importer to any other person falls
within definition of “supply” as per Section 7 of CGST Act, taxable in terms of
Section 9 of CGST Act r/w Section 20 of IGST Act; Since any supply of imported
goods which takes place before they cross customs frontier of India shall be
treated as an ‘inter-state’ supply u/s 7(2) of IGST Act, such transaction of
sale / transfer will be subject to IGST; Value of such supply shall be
determined in terms of Section 15 of CGST Act r/w Section 20 of IGST Act and
rules thereunder; However, so long as such goods remain deposited in warehouse
the customs duty to be collected shall be deferred; It is only when such goods
are ex-bonded u/s 68 of Customs Act that same shall be collected at the value
as had been determined u/s 14 of Customs Act in addition to IGST leviable on
transfer / sale : CBEC Circular
Subscribe to:
Post Comments (Atom)
Mere execution of JDA with developer does not trigger capital gains tax in real estate transactions
Recently Bangalore ITAT recently delivered an important ruling clarifying that merely executing a Joint Development Agreement (JDA) does n...
-
A new website launched for TDS related matters www.tdscpc.gov.in TRACES – T DS R econciliation A nalysis and C orrection E nabling S yste...
-
An eminent concern within the GST framework pertains to the entitlement of Input Tax Credit (ITC) concerning expenditures associated with In...
-
Recent judicial pronouncements across different forums have clarified several important aspects of Indian income tax law, particularly relat...
-
The transition to the Income-tax Act, 2025 (ITA 2025) and the accompanying Income-tax Rules, 2026 introduces a significantly overhauled co...
-
The newly enacted Income Tax Act, 2025, marks a significant step toward simplification by consolidating multiple presumptive taxation sche...
-
Introduction Employee welfare is a cornerstone of corporate responsibility, and gratuity forms a critical part of the social security benefi...
-
The overall effective tax rate of a U.S. multinational corporation may have significant impact on the value of its stock. Therefore, it ...
-
A significant change under Section 395(1) of the Income-tax Act, 2025 is reshaping how Lower Deduction Certificates (LDCs) operate via TRACE...
-
Introduction: India's Green Economy and the Tax Conundrum India stands as a global powerhouse in the fight against climate change, c...
-
In a landmark ruling, the ITAT, Hyderabad Bench, in the case of Amith Vishnaw Gudimela, held that a delay in filing Form-67 cannot be the so...
No comments:
Post a Comment