Articles 18th Apr 2022

GST implications for supplies of goods that are not in “India” at the time of supply


Harsh Shah Partner | Mumbai
Ruchita Shah Associate Partner | Ahmedabad

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India has crossed the ambitious target of USD 400 billion in merchandise exports for the financial year 2021-22. The sharp increase in merchandise exports (i.e., export of goods) has been also observed at the global level, with the global trade in goods reaching an all-time quarterly high of USD 5.6 trillion in the third quarter of 2021.

Against this backdrop, Harsh Shah, Partner and Ruchita Shah, Associate Partner at Economic Laws Practice (ELP) have co-authored an article titled ‘GST implications for supplies of goods that are not in “India” at the time of supply’ that has been published in the April 2022 issue of The Chamber of Tax Consultants CTC journal. In their article, the authors discuss the amendment in the Schedule III to insert Entry nos. 7 and 8 for merchanting trade, supply of goods lying in Customs bonded warehouses, and high sea sales. The article further discusses the retrospective effect of some of the Clauses, whereas how Clause 32 in question was specifically given prospective effect.

Read the article attached here: Click here