India: GST Council releases draft amendments to GST laws for public comments

In brief
The GST Council has released a set of draft amendments in the CGST Act, IGST Act and GST (Compensation to States) Act for public comments, which are requested to be submitted by 15 July, 2018. The significant amendments proposed and its impact are described in this tax insight.Read More »

India – CBEC clarifies that IGST would be levied twice on sale of goods lying in a customs bonded warehouse

The CBEC has issued circular no. 46/2017-Cus dated 24 November, 2017, clarifying that in case of sale of goods lying in a customs bonded warehouse before its clearance for home consumption, IGST is payable on the transaction of supply between original importer and the buyer, and also, at the time of clearance of such goods by buyer, as a part of the customs duty. Read More »