G.S.R. (E).-In exercise of the powers conferred by sub-section (1) of section 11of the Central Goods and Services Tax Act, 2017 (12of 2017), the Central Government, on being satisfied that it is necessary in the public interest so to do, on the recommendations of the Council,hereby exempts the intra-State supply of goldfalling inheading7108of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), when suppliedby Nominated Agencyunder the scheme for "Export Against Supply by Nominated Agency" as referred to in paragraph 4.41of the Foreign Trade Policy, read with relevant provisions of Chapter 4 of Handbook of Procedures, to a registeredperson (herein referred to as “recipient”), from the whole of the centraltaxleviable thereon, under section 9of the CentralGoods and Services Tax Act, 2017,subject tofollowing conditions, namely:-

(i)the Nominated Agency and the recipient shall follow the conditions andobserve the proceduresas specifiedin the Foreign Trade Policy read with Handbook of Procedures;

(ii)the recipientshall export the jewellery made out of such gold within a period of 90 (ninety) days from the date of supply of gold to such recipient and shall provide copy of shipping bill or bill of export containing details of Goods and Services Tax Identification Number (GSTIN) along with the invoice for exports to the Nominated Agency within a period of 120 (one hundredand twenty) days from the date of supply by the Nominated Agency;

(iii)wherever such proof of export is not produced within the period mentioned in condition(ii), the Nominated Agency shall paythe amount of centraltax payable on the quantity of gold not exported,along with interest from the date whenthe saidtax on such supply was payable, but for the exemption.

Explanation. -For the purpose of this notification, -

(a) "Foreign Trade Policy " means the Foreign Trade Policy, 2015-2020, notified by the Government of India in the Ministry of Commerceand Industryvidenotification No.41/2015-2020, dated the 5thDecember, 2017,published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-Section (ii) videS.O. 3813,datedthe 5thDecember, 2017;

(b) "Handbook of Procedures" means the Handbook of Procedure, notified bytheGovernment of India in the Ministry of Commerce and Industry videPublic Notice No. 43/2015-2020, dated the 5thDecember 2017, published in the Gazette of India, Extraordinary, Part-I, Section 1, videF. No. 01/94/180/333/AM 15/PC, dated the 5thDecember 2017;

(c) "Nominated Agency" means entities mentioned in List 32 of Notification No. 50/2017-Customs, dated the 30thJune 2017 published Gazette of India, Extraordinary, Part-II, Section 3 sub-section (i),vide,number G. S. R. 785 (E), dated the 30th June, 2017;

(d) “Heading” means headingas specified in the First Schedule to the Customs Tariff Act, 1975 (51 of 1975).

2.This notification shall come into force on the 1stJanuary, 2019.
 

[F. No.354/432/2018 -TRU]

(Gunjan Kumar Verma)
Under Secretary to the Government of India

G.S.R. (E).-In the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No.26/2018-Central Tax (Rate), dated the 31stDecember, 2018, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), videnumber G.S.R. 1263(E), dated the 31stDecember, 2018, at page 10, in line 33,for“32” read“34”.

[F.No.354/432/2018-TRU(pt)]

(Gunjan Kumar Verma)
Under Secretary to the Government of India