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of <h1>Goods Sold in Customs Bonded Warehouses Attract IGST as 'Supply' per CGST Act; Consult for Clarifications.</h1> The circular from the Commissioner of Customs, NS-III, addresses the applicability of IGST/GST on goods transferred or sold while stored in a customs bonded warehouse. It clarifies that while customs duties are deferred until goods are ex-bonded, any sale or transfer of ownership within the warehouse constitutes a 'supply' under the CGST Act, thus attracting IGST. The value for IGST is determined per section 15 of the CGST Act and section 20 of the IGST Act. The document advises stakeholders to consult with the Deputy/Assistant Commissioner for any issues and emphasizes that the notice serves as a standing order for customs officers and staff.
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