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of <h1>Finance Ministry Updates Customs Tariff Act: New Sections 3(8A) and 3(10A) Affect IGST and GST Compensation Cess Calculations.</h1> The circular from the Ministry of Finance, Department of Revenue, addresses amendments in the Finance Bill, 2018, introducing Sections 3(8A) and 3(10A) of the Customs Tariff Act, 1975. These amendments determine the assessable value for calculating IGST and GST Compensation Cess on Ex-Bond Clearance. Importers must indicate sales during warehousing in their Ex Bond Bill of Entry using specific flags and columns. The ICES system will mandate declarations if the importer differs between the Ex Bond and Warehousing Bills of Entry, using the higher value for tax calculations. Importers are advised to note these changes and report any issues.
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