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Sales from SEZs to domestic market to attract IGST from July 1
Highlights
Sales from special economic zones (SEZs) to domestic market will attract IGST with effect from July 1, according to the Central Board of Excise and Customs (CBEC). An SEZ area is considered to be a foreign territory for trade operations and duties, and is mainly set up for promoting export.
New Delhi : Sales from special economic zones (SEZs) to domestic market will attract IGST with effect from July 1, according to the Central Board of Excise and Customs (CBEC). An SEZ area is considered to be a foreign territory for trade operations and duties, and is mainly set up for promoting export.
At present, goods supplied from an SEZ unit to a DTA (domestic tariff area or outside SEZ attracts customs duty as products coming from these zones are treated as imports into the country. “Exports are zero rated supplies under the GST law. Exporter would be entitled to refund of IGST (Integrated Goods and Services Tax) paid on exports or refund of accumulated input tax credit on inputs used towards exports,” it said.
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