IGST, Cess, Customs leviable on Goods Exported for Repairs abroad and Cut, polished precious and semi-precious Stones Exported for Treatment abroad: CBIC [Read Notification]

IGST - CESS - CBIC - Precious Stones - Semi Precious Stones - Taxscan

The Central Board of Indirect Tax and Customs (CBIC) notified that IGST, Cess, Custom leviable on Goods exported for repairs abroad and Cut, polished precious and semi-precious stones exported for treatment abroad.

The Board seeks to amend Notification No. 45/2017-Customs, dated the 30th June 2017.

The Board on the recommendation of the GST Council, for removal of doubt, it is clarified that the goods namely Goods exported for repairs abroad and Cut, polished precious and semi-precious stones exported for treatment st abroad, are leviable to integrated tax and cess is leviable under the said Customs Tariff Act, besides the customs duty as specified in the said First Schedule, calculated on the value and the exemption, under said serial numbers, is only from the amount of said tax, cess and duty over and above the amount so calculated.

In the said notification in the Table, against serial numbers 2 and 3, in column (3), for the words “Duty of customs”, the words “Said duty, tax or cess” shall be substituted.

As per the notification, the condition of exemption for the Cut and polished precious and semi-precious stones exported for treatment abroad is that duty of customs which would be leviable if the value of re-imported precious and semi-precious stones after treatment were made up of the fair cost of treatment carried out including cost of materials used in such treatment, whether such costs are actually incurred for not, insurance and freight charges, both ways.

In case of the Goods exported for repairs abroad the condition specified is that duty of customs which would be leviable if the value of re-imported goods after repairs were made up of the fair cost of repairs carried out including cost of materials used in repairs (whether such costs are actually incurred for not), insurance and freight charges, both ways.

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