9911796707
TMI Blog2024 (6) TMI 1163X X X X Extracts X X X X X X X X Extracts X X X X ..... ts : Mr. Jitendra Mishra a/w. Mr. Mataprasad Sharma and Ms. Sangeeta Yadav. P.C. 1. The issue which arises in this petition is what is the value of the goods that has to be considered while working out the refund of Integrated Goods and Services Tax (IGST) to be sanctioned. 2. Petitioner is a jewellery processor and manufacturer jewellery and in the course of his business, imports gold and e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd, passed the impugned order dated 25th August 2020 granting only a sum of Rs. 88,295/- as against the refund claim of Rs. 21,00,000/-. Respondent no. 1 has relied upon instructions contained in Board Circular No. 37/11/2018-GST dated 15th March 2018 which directs that lower of the export invoice and value declared in the shipping bills must be considered for the purpose of determining the export ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s been issued. 4. Having considered the pleadings, the only issue that requires to be decided is, what is the FOB value declared in the GST Invoice. Mr. Badheka in fairness stated that there is some difference in the figures indicated in the value of the goods declared in the invoice and value in the corresponding shipping bill and it is perfectly alright if the lower of the two is taken, but th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... free of cost USD 219017.61" and, therefore, USD 224846.75 cannot be considered as the FOB value of the goods, FOB value will be USD 6479.39. We do not agree with Mr. Mishra because the Invoice only says that FOB value is USD 224846.75 and advance in the form of gold supplied free of cost is USD 219017.61 and the balance payable by the buyer is USD 6479.39. Therefore, the value of the goods that h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ayable Rs. 2,00,000/-. It cannot be stated that the value of the gold jewellery sold was only Rs. 2,00,000/-. The invoice has to be read to mean that the value of the gold sold is Rs. 5,00,000/-, Rs. 3,00,000/- received as advance in the form of gold, the balance payable is Rs. 2,00,000/-. In the instant case, respondent no. 1 has taken Rs. 2,00,000/- as the value of the jewellery sold which is no ..... X X X X Extracts X X X X X X X X Extracts X X X X
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