On April 28, the Supreme Court, in the case of Cosmo Films Ltd [2023 (5) Centax 286 (SC)], upheld the pre-import condition in respect of imports made between October 13, 2017, and January 9, 2019, without payment of Integrated Goods and Services Tax (IGST) under advance authorisations.
The court gave the exporters who had violated the pre-import condition six weeks to regularise the matter by payment of IGST on their imports and claim refund or input tax credit (ITC) of the same. The court also instructed the government to prescribe the procedure to be followed, through a circular. More than five weeks have passed since the court directions but the government has still not issued any circular in the matter.
The exporters need clarity on several points. Can violation of pre-import condition be alleged when an exporter first exports the finished products and then imports the inputs without IGST payment under one advance authorisation but uses such in
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