January 6, 2019

Exemption for intra-State supply of gold

Notification No.26/2018-Central Tax (Rate) – Exemption for intra-State supply of gold when supplied by Nominated Agency under the scheme for ‘Export Against Supply by Nominated Agency’ (“FTP Gold Export Scheme”)

The CBIC has provided an exemption to intra-State supply of gold by Nominated Agency to a registered person (‘recipient’) subject ot the following conditions:

The supply is in accordance with the FTP Gold Export Scheme (as referred to in paragraph 4.41 of the Foreign Trade Policy, read with relevant provisions of Chapter 4 of Handbook of Procedures).
The Nominated Agency and the recipient shall follow the conditions and observe the procedures as specified in the Foreign Trade Policy read with Handbook of Procedures.
The Recipient shall export the jewellery made out of such gold within a period of 90 (ninety) days from the date of supply of gold to such recipient.
The Recipient and shall provide copy of shipping bill or bill of export containing details of Goods and Services Tax Identification Number (GSTIN) alongwith the invoice for exports to the Nominated Agency within a period of 120 (one hundred and twenty) days from the date of supply by the Nominated Agency.
Wherever the proof of export is not produced within the the 90/ 120 days period as mentioned above, the Nominated Agency shall pay the amount of CGST and SGST on the quantity of gold not exported, along with applicable interest from the date when the CGST and SGST was payable, but for the exemption.

DISCLAIMER: The views expressed are strictly of the author and VJM & Associates LLP. The contents of this article are solely for informational purpose. It does not constitute professional advice or recommendation of firm. Neither the author nor firm and its affiliates accepts any liabilities for any loss or damage of any kind arising out of any information in this article nor for any actions taken in reliance thereon.

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