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)
5 GST Judgments in 2026 Every Business Should Be Watching
The year 2026 has already delivered several landmark GST decisions that could significantly influence tax compliance, assessments, and litig...
-
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...
-
THE issues before the Bench are - Whether when an expenditure is claimed to have been incurred by an assessee for promotion of his busine...
-
The posting had been move to another website. Please click the link below to get the access of the same. https://taxofindia.wordpress....
-
The Reserve Bank of India has introduced a new framework governing export and import transactions under FEMA. These regulations are effectiv...
-
THE issues before the Bench are - Whether no penalty u/s 271(1)(c) is warranted even if assessee makes false claim of Sec 80IA benefits ...
-
What is a Digital Signature? Answer: A digital signature authenticates electronic documents in a similar manner a handwritten signatur...
-
This Tax Alert summarizes a recent judgement of the Supreme Court (SC) [1] on whether a show cause notice (SCN) under Section 74 of the ...
-
This Tax Alert summarizes a recent ruling of the Gujarat High Court (HC)1 on the taxability of corporate guarantee provided by the Petitio...
-
The overall effective tax rate of a U.S. multinational corporation may have significant impact on the value of its stock. Therefore, it ...
-
This Tax Alert summarizes a recent ruling of the Delhi High Court (HC) [1] on whether the newly introduced pre-deposit requirement for fi...
No comments:
Post a Comment