The Finance Bill proposes to do away with GST on merchant trade, in-bond sale and high sea sales. But by not refunding the tax collected under these categories, the government is opening another can of worms.
Synopsis
The Finance Bill proposes to do away with GST on merchant trade, in-bond sale and high sea sales. But by not refunding the tax collected under these categories, the government is opening another can of worms.
Schedule III to the Central Goods & Services Tax Act, 2017, (CGST Act) contains activities or transactions that can be treated neither as a supply of goods nor as a supply of services. Thus, no GST shall be payable in respect of the activities or transactions specified in Schedule III.The Finance Bill, 2023, has proposed changes in this schedule with effective from February 1, 2019, by inserting:Para 7 — supply of goods from a non-taxable