IGST import goods

Save Share

This query is : Resolved

Quick Summary

This discussion clarifies whether input tax credit (ITC) can be claimed on IGST paid for goods imported under a 'Courier Bill of Entry XIV for home consumption' for resale. It explains that 'home consumption' on a Bill of Entry means the goods are cleared for further use, which can include resale, manufacturing, or personal use. This contrasts with warehouse or ex-bond Bills of Entry.

deepak

deepak (Querist)

24 December 2023 Can we take credit of IGST amount paid to custom department on goods imported through "Courier bill of Entry XIV for home consumption"? it is imported for resale business purpose only.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

24 December 2023 Yes, credit can be taken on IGST paid.

RAJA P M

RAJA P M (Expert)

24 December 2023 For Home Consumption means ...?? please explain...

deepak

deepak (Querist)

24 December 2023 Imported of goods for resell purpose only

RAJA P M

RAJA P M (Expert)

24 December 2023 Okay Sir, Resale purpose. Right..?!. But, What You mean "For Home Consumption"...? I can't understand. Bcoz, I don't know what is the actual product and use?

Aashok Kumar Sharma online

Aashok Kumar Sharma

(Expert)

14 January 2024 If you have imported as "Courier bill of Entry XIV for home consumption" to save charges/ taxes etc but using it for resale purpose still you should not claim ITC as Govt already knows that the said consignment was for HOME CONSUMPTION and not for Business

deepak

deepak (Querist)

14 January 2024 Home consumption means it's for personal use and business use both, I think we are eligible for taking ITC

VIJAYALAKSHMI K

VIJAYALAKSHMI K (Expert)

23 January 2024 Home Consumption is a type of Bill of Entry (BOE). There are three types of BOE viz "Home Consumption" (paying applicable duty and clearing the cargo for further use. Use refers, it can be for resale, manufacturing, own use etc), "Warehouse BOE" (goods can be bonded at customs bonded warehouse without payment of duty) & "Ex-Bond" BOE ( clearing of goods bonded in customs bonded warehouse, as and when required, by paying applicable duty).

Hope this clarifies the query of "what is home consumption BOE".

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now