The Central Board of Indirect Taxes and Customs (CBIC) has asked its field offices to levy GST on goods in customs warehouse only at the time of final clearance. The move is aimed at ensuring ease of doing business for importers. In a circular to principal chief commissioners and chief commissioners, the GST policy wing of the CBIC said, “transfer/sale of goods while being deposited in a customs bonded warehouse” is a common trade practice whereby the importer files an ‘into-bond’ bill of entry and stores the goods in a customs bonded warehouse.

Thanks

CA Pankaj Kumar Mishra