IGST Exemption under GST
[As per discussions in the 16th GST Council Meeting held on 11th June, 2017
RESS RELEASE, DATED 12-6-2017
I. Bilateral Commitments – Imports under Agreement between India and Pakistan/Bangladesh for regulation of Bus Service
| S. No. | Notification | Gist of the notification | ||||||
| 1. | No.4/99-Customs, dated 08.01.1999 |
These imports will be exempt from IGST. |
II. Technical Exemptions for Temporary import/Re-Import
| S. No. | Notification | Gist of the notification | |||||||||||||||||||||||||||
| 1. | No.40/2015-Customs, dated 21.07.2015 | Import of Diamonds for Certification/Grading & Re-export in terms of Para 4.42 of the FTP 2015-20, by the agencies mentioned in Para 4.42 of FTP, without payment of all Customs duties after executing bond with Customs. These imports will be exempt from IGST. | |||||||||||||||||||||||||||
| 2. | No.9/2012-Customs, dated 09.03.2012 | An exporter (with annual export turnover of Rs 5 crore for each of the last three years) may export cut & polished diamonds (each of 0.25 carat or above) to specified testing agencies/laboratories abroad [as mentioned under paragraph 4.74 of the Handbook of Procedures] for testing. On their re-import [within 3 months from the date of export] such cut and polished diamonds are exempt from customs duties [BCD, CVD and SAD].These imports will be exempt from IGST. | |||||||||||||||||||||||||||
| 3. | No exemption at present | Inter-state movement of any mode of conveyance between distinct persons as defined under Section 25 (4) of the Central Goods and Services Tax Act, 2017, including
[except in cases where such movement is is for further supply of the same conveyance] shall be treated neither as a supply of goods or supply of service and therefore, not be leviable to IGST. However, applicable CGST/SGST/IGST, as the case may be, shall be leviable on repairs and maintenance done. |