Exempted IGST on imports of rigs imported for oil or gas exploration and production projects under lease

Exempted IGST on imports of rigs imported for oil or gas exploration and production projects under lease

 

 

IGST exemption on imports of rigs imported for oil / gas exploration and production projects under lease, subject to the following conditions that:

 (i) Integrated tax leviable under section 5(1) of the IGST Act, 2017 on supply of service covered by item 1(b) or 5(f) of Schedule II of the Central Goods and Services Tax Act, 2017;

 (ii) The rig is not sold without the prior permission of the Commissioner of Customs of the port of importation; 

(iii) to re-export the goods within 3 months from the expiry of the period for which they were supplied under a transaction covered by item 1(b) or 5(f) of Schedule II of the Central Goods and Services Tax Act, 2017 out of India;

 (iv) to pay on demand an amount equal to the integrated tax payable on the said goods but for the exemption under this notification in the event of violation of any of the above conditions and applicable interest

 

IGST rate before 06th October, 2017: 5%

Reduced rate of IGST w.e.f 06.10. 2017: NIL

 

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