Applicability of Integrated Goods and Services Tax (integrated tax) on goods supplied while being deposited in a customs bonded warehouse

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.... Central Board of Indirect Taxes and Customs GST Policy Wing New Delhi, Dated the 25th May, 2018 To,  The Principal Chief Commissioners/ Chief Commissioners/ Principal Commissioners/ Commissioners of Central Tax (All)/ The Principal Directors General/ Directors General (All) Madam/Sir, Subject:   Applicability of Integrated Goods and Services Tax (integrated tax) on goods s....

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....toms bonded warehouse for home consumption. 4. It may be noted that as per sub-section (2) of section 7 of the Integrated Goods and Services Tax Act, 2017 (hereinafter referred to as the "IGST Act"), the supply of goods imported into the territory of India, till they cross the customs frontiers of India, is treated as a supply of goods in the course of inter-State trade or commerce. Further, the ....

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.... on warehoused imported goods at the time of clearance for home consumption would be either the transaction value or the value as per sub-section (8) of section 3 of the CTA (i.e. valuation done at the time of filing the into-bond bill of entry), whichever is higher. 6. It is therefore, clarified that integrated tax shall be levied and collected at the time of final clearance of the warehoused go....