Simplicity as seen by tax officials

In a welcome reversal of its earlier stand, the Central Board of Indirect Taxes and Customs (CBIC) has said  Integrated Goods and Services Tax (IGST) will not be payable on in-bond sales of goods in a bonded warehouse. The Board’s GST wing has overruled the clarification given earlier by the customs wing. Imported goods may be deposited in a bonded warehouse without of payment of customs duty, under Section 60 (2) of the Customs Act (CA). The importer may transfer the ownership of such warehoused goods to another in accordance with Section 59 (5) of the CA. The warehoused good.....

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