Goods in bonded warehouses: IGST is charged only on final clearance for home consumption; interim transfers not taxed. IGST on imports deposited in a customs bonded warehouse is levied and collected at the time of final clearance for home consumption (ex bond bill of entry); transfers or sales while goods remain warehoused are not subject to IGST at that stage. Valuation for IGST at clearance is the higher of the transaction value at clearance or the value determined on filing the into bond bill of entry, and any value addition during warehousing is included in the taxable base.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Goods in bonded warehouses: IGST is charged only on final clearance for home consumption; interim transfers not taxed.
IGST on imports deposited in a customs bonded warehouse is levied and collected at the time of final clearance for home consumption (ex bond bill of entry); transfers or sales while goods remain warehoused are not subject to IGST at that stage. Valuation for IGST at clearance is the higher of the transaction value at clearance or the value determined on filing the into bond bill of entry, and any value addition during warehousing is included in the taxable base.
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