CBIC issues clarification
on applicability of IGST on goods supplied while being deposited in a customs
bonded warehouse; States that IGST shall be levied and collected at time of
final clearance of warehoused goods for home consumption i.e., at the time of
filing ex-bond bill of entry; Value addition accruing at each stage of supply
shall form part of the value on which IGST would be payable at the time of
clearance of warehoused goods for home consumption; In other words, supply of
goods before their clearance from warehouse would not be subject to IGST and
same would be levied and collected only when warehoused goods are cleared for
home consumption from customs bonded warehouse, explains CBIC; Said Circular
would be applicable for supply of warehoused goods, while being deposited in a
customs bonded warehouse, on or after the April 1, 2018 : CBIC Circular
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