TaxTMI 
TaxTMI 
supply of goods from bonded warehouse and ITC reversal
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....upply of goods from bonded warehouse and ITC reversal<br> Query (Issue) Started By: - Kaustubh Karandikar Dated:- 7-6-2023 Last Reply Date:- 8-6-2023 VAT + CST<br>Got 2 Replies<br>VAT / Sales Tax<br>Supply of warehoused goods to any person before clearance for home consumption are exempted from payment of GST as per Sr. No. 8(a), Schedule - III to Section - 7 of CGST Act, 2017. Whether proportion....
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....ate input tax credit is required to be reversed against such exemptions under Rule 42 of CGST Rules, 2017? Explanation (ii) under Section 17(3) of CGST Act, 2017 has been inserted through Finance Act, 2023 as per which, the value of such activities or transactions as may be prescribed in respect of clause (a) of paragraph 8 of the Schedule III will be treated as exempt supply. Whether relevant not....
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....ification is issued to give effect to this change by which ITC reversal will be required if goods are Supplied from warehoused to any person before clearance for home consumption? Secondly, in my view the said amendment will not be applicable for High Sea Sales and therefore ITC not required to be reversed for High Sea Sales though exempted. Views of the experts please. Reply By Shilpi Jain: The ....
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....Reply: The amendment to section 17(3) is yet to be notified. So not applicable as on date. Even if this is notified, prescription has to be made for it to be implemented. Agreed that high sea sales will not be included in this since that is a separate transaction type. Reply By Amit Agrawal: The Reply: I concur with Ms. Shilpi Jain Mam.<br> Discussion Forum - Knowledge Sharing ....