Seeks to exempt IGST calculated on the assessable value over and above the value (Pool in Price) at which Urea is sold by Department of Fertilizers to Fertilizer Marketing Entities on high sea sale basis. - 55/2018 - Customs -Tariff

GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Notification No. 55/2018 Customs New Delhi, the 26th July, 2018 G.S.R. 705 (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962) and sub-section (12) of section 3 of Customs Tariff Act, 1975, (51 of 1975), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts the Integrated Goods and Services Tax, leviable under sub-section (7) of section 3 of the Customs Tariff Act, 1975 (51 of 1975), as in excess of the amount calculated over and above the value at which Ministry of Chemical and Fertilizers/Department of Fertilizers sells urea, falling under tariff item 1 [ 3102 10 10, 3102 10 90 ] of the First Schedule of the Customs Tariff Act, 1975 (51 of 1975), to Fertilizer Marketing Entities (FMEs) on high sea sale basis (commonly known as Pool Issue Price ). 2. This notification shall come into force on the 27th July, 2018. [F.No.354/255/2018-TRU] (Gunjan Kumar Verma) Under Secretary to the Government of India **************** NOTES:- 1. Substituted vide NOTIFICATION NO. 36/2023-Customs dated 29-04-2023 w.e.f. 01-05-2023 before it was read as, 3102 10 00