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TMI BlogApplicability of Integrated Goodg and Service Tax (Integrated Taxi on goods supplied while being deposited in a bonded warehouseX X X X Extracts X X X X X X X X Extracts X X X X ..... licability of Integrated Goodg and Service Tax (Integrated Taxi on goods supplied while being deposited in a bonded warehouse - reg Attention of all Importers, Exporters, Customs Brokers, Members of the Trade and Industry and other stakeholders is invited towards CBIC Circular No. 3/1/2018-IGST dated 25.05.2018 issued through F. No. CBEC/20/ 16/03/ 2017-GST regarding Applicability of Integra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n ex-bond bill of entry for clearing the said goods from the customs bonded warehouse for home consumption. 5. It may be noted that as per sub-section (2) of section 7 of the Integrated Goods and Services Tax Act, 2017 (hereinafter referred to as the IGST Act ), the supply of the goods imported into the territory of India, till they cross the customs frontiers of India, is treated as a supply ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to provide that the valuation for the purpose of levy of integrated tax on warehoused imported goods at the time of clearance for home consumption would be either the transaction value or the value as per sub-section (8) of section 3 Of the CTA (i.e. valuation done at the time of filing the into-bond bill of entry), whichever is higher. 7. It is therefore, clarified that integrated tax shall b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Trade Associations, Chamber of Commerce and Industry and Customs Broker Association are requested to publicize the contents of the Public Notice among their members / constituents for information. The difficulties faced / experienced, if any, in this regard may be brought to the notice of the undersigned. (Sanjay Kumar Agarwal), Commissioner, - Circular - Trade Notice - Public N ..... X X X X Extracts X X X X X X X X Extracts X X X X
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