Integrated Tax Notifications (Rate)

IGST Notification rate 27/2018

1) In exercise of the powers conferred by sub-section (1) of section 6 of the
Integrated Goods and Services Tax Act, 2017 (13 of 2017), the Central
Government, on being satisfied that it is necessary in the public interest so
to do, on the recommendations of the Council, hereby exempts the inter-State
supply of gold falling in heading 7108 of the First Schedule to the Customs
Tariff Act, 1975 (51 of 1975), when supplied by Nominated Agency under the
scheme for “Export Against Supply by Nominated Agency” as referred to in
paragraph 4.41 of the Foreign Trade Policy, read with relevant provisions of
Chapter 4 of Handbook of Procedures, to a registered person ( herein referred
to as “recipient”), from the whole of the integrated tax leviable thereon,
under section 5 of the Integrated Goods and Services Tax Act, 2017, subject to
following conditions, namely:-

(i) 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;

(ii) 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
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;

(iii)wherever such proof of export is not produced within the period mentioned
in condition (ii), the Nominated Agency shall pay the amount of integrated tax
payable on the quantity of gold not exported, along with interest from the date
when the said tax on such supply was payable, but for the exemption.

Explanation. – For the purpose of this notification, –

(a) “Foreign Trade Policy ” means the Foreign Trade Policy, 2015-2020, notified
by the Government of India in the Ministry of Commerce and Industry vide
notification No.41/2015-2020, dated the 5th December, 2017, published in the
Gazette of India, Extraordinary, Part-II, Section 3, Sub-Section (ii) vide S.O.
3813, dated the 5th December, 2017;

(b) “Handbook of Procedures” means the Handbook of Procedure, notified by the Government of
India in the Ministry of Commerce and Industry vide Public Notice No. 43/2015-2020, dated the 5th
December 2017, published in the Gazette of India, Extraordinary, Part-I, Section 1, vide F. No.
01/94/180/333/AM 15/PC-4, dated the 5th December 2017;

(c) “Nominated Agency” means entities mentioned in List 32 of Notification No.
50/2017-Customs, dated the 30th June 2017 published Gazette of India,
Extraordinary, Part-II, Section 3 sub-section (i),vide, number G. S. R. 785
(E), dated the 30th June, 2017;

(d) “Heading” means heading as specified in the First Schedule to the Customs
Tariff Act, 1975 (51 of 1975)

2) This notification shall come into force on the 1st January, 2019.