https://www.taxtmi.com/caselaws?id=756048 The CESTAT Ahmedabad set aside customs duty demand and penalties imposed on the appellant for allegedly improper IGST exemption under EPCG Scheme. The tribunal ruled that proceedings were premature as they were initiated before the six-year export obligation period expired in 2025. Additionally, citing SC precedent in Union of India v. Cosmo Films Limited, the tribunal found the demand was revenue neutral since any IGST paid would be available as input tax credit, effectively reducing net GST liability. Consequently, confiscation of imported goods and penalties under sections 112(a), 112(b)(iii), and 114AA of Customs Act, 1962 were set aside. Appeal allowed. en-us Wed, 24 Jul 2024 00:00:00 +0530 Fri, 26 Jul 2024 09:07:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756048 The CESTAT Ahmedabad set aside customs duty demand and penalties imposed on the appellant for allegedly improper IGST exemption under EPCG Scheme. The tribunal ruled that proceedings were premature as they were initiated before the six-year export obligation period expired in 2025. Additionally, citing SC precedent in Union of India v. Cosmo Films Limited, the tribunal found the demand was revenue neutral since any IGST paid would be available as input tax credit, effectively reducing net GST liability. Consequently, confiscation of imported goods and penalties under sections 112(a), 112(b)(iii), and 114AA of Customs Act, 1962 were set aside. Appeal allowed. Case-Laws Customs Wed, 24 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756048