IGST exemption withdrawn on research equipments imported by institutions or universities

By:

The CBIC vide Notification No. 42/2022-Customs dated July 13, 2022 has issued amendments in its earlier issued Notification No. 51/96-Customs dated July 23, 1996 (“Exemption Notification”) which provided exemption to research equipments imported by public funded research institutions or various universities and non-commercial institutions etc., so as to withdraw the exemption of the Integrated Goods and Services Tax (“IGST”) leviable on certain goods specified therein, when imported into India, in a following manner:

  • Omitted the words “and from the whole of integrated tax leviable thereon under sub-section (7) of section 3 of the said Customs Tariff Act 1975” from the Exemption Notification.

The Notification can be accessed at: https://taxinformation.cbic.gov.in/view-pdf/1009430/ENG/Notifications

DISCLAIMER: The views expressed are strictly of the author and A2Z Taxcorp LLP. The contents of this article are solely for informational purpose and for the reader’s personal non-commercial use. 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. Further, no portion of our article or newsletter should be used for any purpose(s) unless authorized in writing and we reserve a legal right for any infringement on usage of our article or newsletter without prior permission.

We have recently released the 7th Edition (May, 2022) of our book on Goods and Services Tax, titled, “GST LAW AND COMMENTARY – WITH ANALYSIS AND PROCEDURES”, updated with the Finance Act, 2022 in a set of 4 Volumes. We thank you all for the support and your enduring response.

Have a look at the complete tour of the Book at: https://cutt.ly/nF6O0oN

Order your copy now and be a part of the GST learning excursion in the most comprehensive and lucid form !!

For more details and purchase online at: https://cutt.ly/RFMox8D