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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 ..... ject: - Applicability of IGST / GST on goods transferred / sold while being deposited in a warehouse - Regarding. Attention of all the Importers, Exporters, Customs Brokers, Steamer Agents Custodians/Customs Cargo Service Providers, Trade Associations/Chamber of Commerce, Members of the RAC/PGC and the public is invited to the Boards Circular No. 46/2017-Customs dated 24.11.2017 issued from F.No. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 1evy of duties of customs at the stage of ex-bonding. Further, clause (b) of su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reinafter 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"). It may be noted that 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 India, shall be treated a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... emain 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 there under and the tax liability shall be reckoned as per section 9 of the CGST Act, 2017. 6.2 However, it may be noted that s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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