IMPORT MATERIALS IN JULY WITH EARLIER VERSION AS MATERIALS RELEASED ON JULY WITHOUT IGST 18%

[nandankumar roy]

SIRJI PLEASE HELP REGARDING IMPORT MATERIALS IN JULY WITHOUT IGST 18% AND BILL OF ENTRY JUNE DATED (22.06.17) WITH EARLIER VERSION(7.5%+12.5%+SP DUTY 4%) AS JUNE MATERIALS RELEASED FROM PORT . NOW WHAT WILL IMPACT IN GST AS PER PRESENT SITUATION AS CHA TELLING TO TAKE EXPERT VIEW. PL HELP IF YOU CAN. REGARDS, ROY

AI Summary

Navigating GST Transition: Handling June Imports with 18% IGST Exemption and Claiming CENVAT Credits under Previous Tax Regime A user sought advice on handling imported materials in July without the 18% IGST, as the Bill of Entry was dated June 22, 2017, under the previous tax regime. One respondent advised booking expenses in June and claiming related CENVAT credits. Another user confirmed that since the import occurred in June, releasing goods in July would not impact GST, as it is not covered under the new tax regime effective from July 1, 2017. They suggested mentioning the additional duty credit in the transition form without affecting GST returns.