Taxable events
This query is : Resolved
14 January 2010
Can anyone please tell me the taxable events under Customs Act?
Kamal Aggarwal
(Expert)
18 January 2010
Dear Meekha
The taxable event under the Customs Act is import of goods. As per the Supreme Court decision in the case of Kiran Spinning, the import of goods is deemed to be completed when the goods are cleared for home consumption.
The taxable event under the Customs Act is import of goods. As per the Supreme Court decision in the case of Kiran Spinning, the import of goods is deemed to be completed when the goods are cleared for home consumption.
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