IGST exemption on Urea sold on high sea sale basis- Reg.

Seeks to exempt IGST calculated on the assessable value over and above the value (Pool in Price) at which Urea is sold by Department of Fertilizers to Fertilizer Marketing Entities on high sea sale basis vide Notification No. 55/2018 —Customs, Dated:  26^th July, 2018.

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(Department of Revenue),
New Delhi

Notification No. 55/2018 —Customs, Dated:  26^th July, 2018

G.S.R. 705(E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962) and sub-section (12) of section 3 of Customs Tariff Act, 1975, (51 of 1975), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts the Integrated Goods and Services Tax, leviable under sub­section (7) of section 3 of the Customs Tariff Act, 1975 (51 of 1975), as in excess of the amount calculated over and above the value at which Ministry of Chemical and Fertilizers/Department of Fertilizers sells urea, falling under tariff item 3102 10 00 of the First Schedule of the Customs Tariff Act, 1975 (51 of 1975), to Fertilizer Marketing Entities (FMEs) on high sea sale basis (commonly known as “Pool Issue Price”).

2. This notification shall come into force on the 27^th July, 2018.

[F.No.354/255/2018-TRU]

(Gunjan Kumar Verma)

Under Secretary to the Government of India