We have entered in a contract agreement of supply of railway components to DMRC (Delhi Metro Rail Corporation Ltd) which is being imported from outside India before it reaches the Indian custom frontier.
We are utilizing our own IEC licence code to get the components imported but here lies a confusion about the taxability in GST, though it is referred by CBEC as it liable to IGST at the time of Import, but it is difficult to understand how to maintain our contract price.
following points to be noted :
1) The Bill of Entry is in the name of our concern as per our IEC License code.
2) We have to add some monetary consideration to the total imported(liable to IGST) amount in order to attain our Contract value stipulated in our agreement with DMRC.
I have gone through the circular issued by CBEC (Circular No. 33 /2017-Cus) but could'nt make out the actual concept.
Please suggest will the High sale be taxable/exempted from our point....?
In case of high sea sales, IGST is to be charged only at the time of clearance of goods.
The final buyer has to provide all documents like original invoice, invoice by you for value addition etc. and get goods cleared.
You need not charge GST on invoice given to buyer as council in said notification has made it clear that GST will be charged only once at the time of clearance of goods.
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