WE HAVE PURCHASED IMPORTED WASTE PAPER WITH EXEMPTION U/S 50/2017-CUSTOMS.
HOWEVER WE HAVE PAID IGST ON THAT. HOW TO GET EXEMPTION U/S 50/2017-CUSTOMS IF WE CAN NOT USE SUCH MATERIAL TO PRODUCED FINISHED GOODS DUE TO GOODS DESTROYED IN TERRIBLE FIRE. HOW TO APPLY FOR THAT EXEMPTION IN THAT CASE. KINDLY LET US KNOW ABOUT FULL GUIDELINES SINCE APPLY TO COMMISSIONER SAHAB.
IGST Exemption Denied for Destroyed Imported Waste Paper; Remission Under Section 23 Only Before Clearance A query was raised regarding the exemption under Section 50/2017-Customs for imported waste paper destroyed in a fire, which had already incurred IGST. The response clarified that IGST exemption cannot be availed. According to Section 23 of the Customs Act, remission of duty for lost, destroyed, or abandoned goods is possible only before goods clearance. Consequently, it was advised to claim insurance for the loss. (AI Summary)
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