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of <h1>Finance Bill 2018: Customs Tariff Act Section 3 Amended for Accurate Tax on Warehoused Goods Sales</h1> Clause 100 of the Finance Bill, 2018 amends the Customs Tariff Act, 1975, specifically section 3, to address the valuation of warehoused goods for tax purposes. Sub-section (8A) is added to determine the integrated tax on goods sold from a warehouse before clearance, using either the value under sub-section (8) or the transaction value, whichever is higher. Similarly, sub-section (10A) is introduced to calculate the goods and services tax compensation cess on such goods, using the value under sub-section (10) or the transaction value, whichever is higher. These amendments ensure accurate tax computation on warehoused goods.
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