November 16 - November 30, 2017
GOODS AND SERVICES TAX
Procedure regarding procurement of goods from DTA by Export Oriented Unit (EOU) / Electronic Hardware Technology Park (EHTP) Unit / Software Technology Park (STP) Unit / Bio-Technology Parks (BTP) Unit under deemed export benefits under section 147 of CGST Act, 2017
Consequent to GST Council meeting held on October 06 2017, the Central government vide circular No. 14/14/2017- GST dated 6th November 2017 has notified that the goods supplied by the Registered Person to EOU/EHTP/STPI/BTP would be treated as Deemed Export and tax paid on those supplies can be claimed as refund either by the Supplier or the Recipient. The notification also provides the procedure to be followed by EOU/EHTP/STPI/BTP Units for procurement of Goods from Domestic Tariff Area (DTA) to claim the Deemed Export Benefit.
Publishing of rate of exchange for conversion of the foreign currency
The Central Board of Excise and Customs (CBEC) vide Notification No. 110 /2017 - Customs (N.T.) notified the rate of exchange for conversion of the foreign currency into Indian currency or vice versa for Export and Import of goods, with effect from 17th of November 2017 respectively.
Clarification on levy of IGST on sale of imported goods stored in a bonded warehouse
The Central Board of Excise and Customs (CBEC) vide Circular No. 46 /2017 - Customs has clarified that when goods are stored in a customs bonded warehouse and are transferred by the importer to another person before clearance, the transaction will be treated as supply and accordingly IGST will be liable at the value determined under the IGST Act, 2017.
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