Sale during import
This query is : Resolved
26 June 2013
Is there taxability when goods are sold when they are stored in customs bonded warehouse, before clearance from warehouse?
26 June 2013
Yes, taxability will be arise.
26 June 2013
Sir,
But it has been held that goods continue to be in customs barrier when they are in custom bonded warehouse. Import would be completed only when goods cross custom barrier and not when they land in india or enter territorial waters"
In judgement "state trading corporation v state of tamilnadu (2003) 129 STC 294 (MAD HC DB) also says" Thus , sale before clearance from customs bonded warehouse will be 'sale during import ' and will not be taxable.
So i am in confusion, please clarify me.
Sir,
But it has been held that goods continue to be in customs barrier when they are in custom bonded warehouse. Import would be completed only when goods cross custom barrier and not when they land in india or enter territorial waters"
In judgement "state trading corporation v state of tamilnadu (2003) 129 STC 294 (MAD HC DB) also says" Thus , sale before clearance from customs bonded warehouse will be 'sale during import ' and will not be taxable.
So i am in confusion, please clarify me.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Showing Gift from relative in ITR for this year
- ITR selection for salaries and capital gain less than L
- Share accounting-->fifo - capital gain - period as per fifo?
- Soyabean hsn code and gst rate
- Treatment of Pension ?annuity returns on PMVY
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Salary and pension received from Asian Development Bank
- Free lancer income
- Regarding IMS Mandatory from 1st July 2026
- What is provisional receipt number for generation of form 16A
- Capital Gain on EUITY Shares
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
