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TMI BlogApplicability of IGST / GST on goods transferred / sold while being deposited in a warehouseX X X X Extracts X X X X X X X X Extracts X X X X ..... Dated: 18.12.2017 PUBLIC NOTICE NO. 157/2017 Subject: Applicability of IGST / GST on goods transferred / sold while being deposited in a warehouse. -reg. Attention of the Importers, Exporters, General Trade, Port Terminal Operator, Shipping Lines / Shipping Agents, CFSs coming under the jurisdiction of JNCH, Nhava Sheva and all other stakeholders is invited to Circular No. 46/2017 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the time of filing of the into-bond Bill of Entry. Any costs incurred after the import of goods, such as, port charges / port demurrage charges or costs for customs clearing or transporting the goods from the port to the customs bonded warehouse or costs of storage at the customs bonded warehouse, cannot be added to the value of the goods, for the purpose of levy of duties of customs at the stage ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... entral Goods and Services Tax Act, 2017 (hereinafter referred to as, CGST Act ) and shall be taxable in terms of section 9 of the CGST Act read with section 20 of the Integrated Goods and Services Tax Act, 2017 (hereinafter referred to as, IGST Act ). As per sub-section (2) of section 7 of the IGST Act, any supply of imported goods which takes place before they cross the customs frontiers of Ind ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... other words, when goods remain deposited in a customs bonded warehouse and are transferred by the importer to another person, the transaction will be subject to payment of IGST at the value determined as per section 20 of the IGST Act read with section 15 of the CGST Act, 2017 and the rules made thereunder and the tax liability shall be reckoned as per section 9 of the CGST Act, 2017. 5.2 Howev ..... X X X X Extracts X X X X X X X X Extracts X X X X
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