The Central Board of Indirect Taxes and Customs (CBIC) has extended the exemption on Integrated Goods and Services Tax (IGST) and Compensation Cess for imported goods under the Foreign Trade Policy (FTP) until June 30, 2022. This extension, announced on March 31, 2022, amends several previous customs notifications. The move aims to provide continued relief and support for businesses involved in import activities.
Exemption of IGST Compensation Cess on imported goods under FTP 2015-2020 extended till June 30, 2022
Read the official notification below -
MINISTRY OF FINANCE
(Department of Revenue) NOTIFICATION
New Delhi, the 31st March, 2022
No. 19/2022-Customs
G.S.R. 248 (E). - In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby mak
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FAQ :
The CBIC has extended the exemption of IGST and Compensation Cess on imported goods under the Foreign Trade Policy (FTP).
The exemption has been extended until June 30, 2022.
This extension was announced on March 31, 2022.
This exemption relates to the Foreign Trade Policy (FTP) 2015-2020.
The exemption covers Integrated Goods and Services Tax (IGST) and Compensation Cess.