Goods and Services Tax – Started By: – RAMAKRISHNA M – Dated:- 18-8-2017 Last Replied Date:- 19-8-2017 – Is IGST is applicable at the time of importing of Machinery spares parts @ Customs Private Bonded Warehouse ? – Reply By RAMESH PRAJAPATI – The Reply = Import is treated as interstate transaction under GST. So when you get material cleared from customs bonded warehouse, you will have to pay IGST with BCD and other duties, if any. – Reply By RAMAKRISHNA M – The Reply = Dear Ramesh Prajapathi,This material importing and we will keep in Customs Private Bonded Warehouse.From this Warehouse sales will happen and during sale time GST will be applicable as per norms My question is during the time of Importing and moving to Customs Private Bond
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Purchaser and he will be utilised accordingly. but while importing and moving to our Customs bonded Warehouse, is it required to remit IGST for imported materials is my question.regards,Ramakrishna – 9243199867 – Reply By RAMESH PRAJAPATI – The Reply = Duty and Tax is required to be paid when material moves out from customs bonded warehouse. Warehousing Bill of Entry is filed without payment of duties. Customs fundamentals are not changed in GST regime. – Reply By Rajagopalan Ranganathan – The Reply = Sir, The existing procedure under Customs Act is not affected by introduction of GST. Prior to 1.7.2017 When imported goods are warehoused without payment of duty have you CVD or SAD. The answer is no since whatever duty payable will be paid o
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