No tax shall be payable in Inputs, semi-finished goods removed for Job Work for carrying certain processes and returned on or after 1st July
Conditions when there is no tax payable:
- Goods are returned to the factory within 6 months from 1st July (extendable for a maximum period of 2 months).
- Goods held by job worker Is declared in Form TRANS-1
- Supply of semi-finished goods is done only on payment of tax in India or the goods are exported out of India within 6 months from 1st July (extendable by not more than 2 months).
Taxes are not applicable if finished goods were removed before 1st July for carrying certain processes and are returned within 6 months from 1st July
Input tax credit will be recovered if the goods are not returned within 6 months
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