Chennai: The Central Board of Indirect Taxes and Cust-oms (CBIC) has exempted goods carried outside the country on a consignment basis for exhibition from GST. This move will particularly benefit MSMEs and the gems and jewellery sector.
Several goods are taken out of India for exhibitions or other export promotion events. These goods are sold only when approved by the prospective customers abroad. The unsold goods are then brought back.
Exporters were facing problems due to lack of clarity on the procedure to be followed under GST at the time of taking these goods out and their sale or return to India. CBIC said the movement of these goods out of India shall be accompanied by a delivery challan issued in tune with the provisions of rule 55 of the CGST Rules.
