ICES Advisory 11/2018 (Budget Changes) - Implementation of revised Assessable value for IGST & GST Cess calculation - Customs - 23/2018

OFFICE OF THE COMMISSIONER OF CUSTOMS CHENNAI VIII (GENERAL) CUSTOM HOUSE, NO.60 RAJAJI SALAI, CHENNAI - 600 001 Telephone: 25254444 - FAX: 25224622 www. chennaicustoms. gov. in F.No.S.Misc.09/2018 Sys Unit Dated: 02/04/2018 PUBLIC NOTICE. 23/2018 Sub: ICES Advisory 11/2018 (Budget Changes) - Implementation of revised Assessable value for IGST GST Cess calculation Reg. *********** Kind reference of Importers/ Customs Brokers is invited to amendments introduced in Finance Bi 1,2018 to introduce new sections 3(8A) and 3(10A) of Customs Tariff Act, 1975 to determine assessable value for calculation of IGST and GST Compensation Cess on Ex Bond Clearance. 2 If the goods are sold to other person during the period of warehousing, while filing their Ex Bond Bill of Entry, Importers/ Customs Brokers may be advised to indicate such sale using flag S in RSP Applicability column against each item. Correspondingly, the last transaction price should be indicated in RSP Amount column with SALE as RSP Notification Column in RSP Table. 3. The ICES is also designed to mandate declaration of above declaration wherever the importer in Ex Bond BE is different from the one in warehousing BE. On such declaration, the system would take higher of value determined in section(8) or (10) as the case may be and the sale price declared above and calculate the IGST 8s GST Compensation cess accordingly. 4. As the President has given assent to the Finance Bill 2018, the above change would be effective from 29.03.2018. Hence, Importers/ Customs Brokers are hereby requested to submit the Ex-Bond BE with proper code as mentioned above in the RSP table in the case of goods sold to other person during the period of warehousing. 5. The above procedure may be followed carefully and difficulties, of any, may be brought to the notice of Joint Commissioner (Systems) by email to (Authority: Finance Bill 2018 and ICES Advisory 11/2018( Budget Changes) - Implementation of revised Assessable value for IGST GST Cess calculation (Dr. ANIL K. NIGAM) COMMISSIONER OF CUSTOMS Chennai VIII (GENERAL)