Feedback   New User   Login      
Tax Management India. Com TMI - Tax Management India. Com
Acts / Rules Notifications Circulars Tariff/ ITC HSN Forms Case Laws Manuals Short Notes Articles SMS News Highlights
        Home        
Extracts
Home List
← Previous Next →

APPLICABILITY OF IGST/GST ON GOODS TRANSFERRED/SOLD WHILE BEING DEPOSITED IN WAREHOUSE

Goods and Services Tax - GST - By: - Mr. M. GOVINDARAJAN - Dated:- 8-12-2017 - Depositing of goods in warehouses Chapter IX of the Customs Act, 1962 ( Act for short) provides for warehousing. This chapter provides for deposit of goods into a customs bonded warehouse. A warehouse is licensed under section 57of the Act as a public warehouse; under section 58 of the Act as a private warehouse; under section 58A of the Act as a special warehouses. The goods may be deposited in such warehouses withou .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

goods to be imported by him within a specified period. The importer shall, in addition to the execution of a bond furnish such security as may be prescribed. Value of imported goods Section 14 of the Act provides that the value of imported goods for charging customs duty is determined at the time of import i.e., at the time filing of the into-bond Bill of Entry. The expenses, such as- port charges, demurrage charges; or charges for customs clearing; or transporting the goods from the port to th .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ion; in the case of goods cleared from a warehouse under section 68, on the date on which a bill of entry for home consumption in respect of such goods is presented under that section; in the case of any other goods, on the date of payment of duty : if a bill of entry has been presented before the date of entry inwards of the vessel or the arrival of the aircraft 1[or the vehicle] by which the goods are imported, the bill of entry shall be deemed to have been presented on the date of such entry .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

e warehoused goods between the importer and any other person may be at a price higher than the assessable value of such goods. These transactions falls within the definition of the term supply under section 7 of the CGST Act, 2017. The same shall be taxable under section 9 of the CGST Act read with section 20 of IGST Act, 2017. Section 7(2) of the IGST Act provides that any supply of imported goods which takes place before they cross the customs frontiers of India, shall be treated as inter-stat .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

Discussion Forum
what is new what is new
 


Share:            

|| Home || About us || Feedback || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version