Goods sent abroad for exhibition are not a supply or zero rated until sold or after six months, invoicing then required. Sending or taking specified goods out of India for exhibition or consignment is not a supply absent consideration and is treated as sale on approval; it is not a zero rated supply. Such goods must be accompanied by a delivery challan under rule 55. The actual supply is recognised on sale abroad within six months or on expiry of six months if not sold or returned, and a tax invoice must be issued at that time. Refund of input tax credit for zero rated supply may be claimed if otherwise eligible and after the tax invoice is issued.
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 sent abroad for exhibition are not a supply or zero rated until sold or after six months, invoicing then required.
Sending or taking specified goods out of India for exhibition or consignment is not a supply absent consideration and is treated as sale on approval; it is not a zero rated supply. Such goods must be accompanied by a delivery challan under rule 55. The actual supply is recognised on sale abroad within six months or on expiry of six months if not sold or returned, and a tax invoice must be issued at that time. Refund of input tax credit for zero rated supply may be claimed if otherwise eligible and after the tax invoice is issued.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
