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TMI BlogCUSTOMS PRIVATE BONDED WAREHOUSEX X X X Extracts X X X X X X X X Extracts X X X X ..... Is IGST is applicable at the time of importing of Machinery spares parts @ Customs Private Bonded Warehouse ? - Reply By RAMESH PRAJAPATI - The Reply = Import is treated as interstate transaction under GST. So when you get material cleared from customs bonded warehouse, you will have to pay IGST with BCD and other duties, if any. - Reply By RAMAKRISHNA M - The Reply = Dear Ramesh Prajapathi, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... This material importing and we will keep in Customs Private Bonded Warehouse. From this Warehouse sales will happen and during sale time GST will be applicable as per norms My question is during the time of Importing and moving to Customs Private Bonded Warehouse, it is required to pay IGST regards, Ramakrishna.M - Reply By Rajagopalan Ranganathan - The Reply = Sir, Before selling the im ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ported goods, first you have to clear the imported goods on payment of applicable duties. You have to pay IGST on imported goods since it will be treated as inter-state supply. You can take ITC of IGST paid and utilize the same for payment of IGST, CGST, SGST in that order when you sell the imported goods in local market. - Reply By RAMAKRISHNA M - The Reply = Dear Mr.Rajagopalan, Thanks for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... revert. You had given process that material is moving out of Customs Private Bonded Warehouse and IGST / CGST / SGST will be applicable as per delivery locations of Inter Intra state movements. ITC will be taken by Purchaser and he will be utilised accordingly. but while importing and moving to our Customs bonded Warehouse, is it required to remit IGST for imported materials is my question. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... regards, Ramakrishna - 9243199867 - Reply By RAMESH PRAJAPATI - The Reply = Duty and Tax is required to be paid when material moves out from customs bonded warehouse. Warehousing Bill of Entry is filed without payment of duties. Customs fundamentals are not changed in GST regime. - Reply By Rajagopalan Ranganathan - The Reply = Sir, The existing procedure under Customs Act is not affected ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by introduction of GST. Prior to 1.7.2017 When imported goods are warehoused without payment of duty have you CVD or SAD. The answer is no since whatever duty payable will be paid only when the imported goods are finally cleared on payment of duties. Therefore while warehousing the imported goods you need not pay IGST. Moreover as per Section 7 (2) of IGST Act, 2017 Supply of goods import ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed into the territory of India, till they cross the customs frontiers of India, shall be treated to be a supply of goods in the course of inter-State trade or commerce. Therefore it can be said that the imported goods have crossed the customs frontiers of India only when they are cleared from the warehouse on payment of duty. - Reply By Himansu Sekhar - The Reply = I support the view of Rangana ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... than sir. - CUSTOMS PRIVATE BONDED WAREHOUSE - Query Started By: - RAMAKRISHNA M Dated:- 18-8-2017 Goods and Services Tax - GST - Got 7 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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