There can be 2 cases

Goods directly cleared for home consumption

Goods first entered into warehouse and later cleared for home consumption

 

Taxable event is different in both cases as shown below

Cases

Taxable Event

Goods directly cleared for home consumption

 

When the goods reach the customs barriers and bill of entry for home consumption is filed.

 

Goods first entered into warehouse and later cleared for home consumption

 

Import takes place when the goods are cleared from the warehouse.

 

What is Taxable event in case of Export?

Export of goods is complete when the goods cross the territorial waters of India.

If ship sinks within the territorial waters, export is not complete.

  1. Indirect Tax
  2. Customs
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CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 8 years. He provides GST Training in Delhi. Register now.