Share on LinkedInShare on LinkedIn

ARTICLE · 13 DECEMBER 2017

Recent Developments Under GST, Customs, And Foreign Trade Policy

To erase doubts arising in the implementation of GST, the government has issued various circulars providing clarifications on vital issues.

IndiaTax

Circulars issued by the Government

To erase doubts arising in the implementation of GST, the government has issued various circulars providing clarifications on vital issues. They have been encapsulated hereunder:

Circular No. and issue dealt Effect of circular
46/2017-Customs dated 24 November 2017 – Applicability of IGST/GST on goods transferred or sold while being deposited in a customs bonded warehouse.
  • Section 59(5) of the Customs Act, 1962 allows the importer to transfer ownership of goods deposited into a customs bonded warehouse while such goods remain deposited in the warehouse.
  • The circular has clarified that:
    • Such a transfer or sale falls within the definition of 'supply' under GST and where such transfer or sale of ownership is at a price higher than the assessable value determined under section 14 of the Customs Act, this higher price will be considered for the purpose of determining the Integrated Goods and Services Tax (IGST)

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

See more popular content from