Implementation of revised Assessable value for IGST & GST Cess calculation-Instruction - Customs - PUBLIC NOTICE NO. 15/2018

GOVT. OF INDIA MINISTRY OF FINANCE, DEPARTMENT OF REVENUE O/o THE PRINCIPAL COMMISSIONER OF CUSTOMS (CHENNAI-VII) NEW CUSTOM HOUSE, MEENAMBAKKAM, CHENNAI - 600027. F. No.: S. Misc.29/2016-17- EDI-ACC Dated: 05.04.2018 PUBLIC NOTICE NO. 15/2018 Sub: Implementation of revised Assessable value for IGST GST Cess calculation-Instruction - Reg. Attention of Importers, Custom Brokers Trade is invited towards amendments in Finance Bill,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 are 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 Bill of Entry is different from the one in Warehousing Bill of Entry. 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 GST Compensation Cess accordingly and change would be effective from the date of assent. 4. The Trade is therefore advised to take note of the above and difficulties, if any may please be brought to the notice of the undersigned. (N. PADMASRI) COMMISSIONER OF CUSTOMS, CHENNAI-VII