CBDT extends time period for re-export of ISO containers transporting Liquid Medical Oxygen grade

Jan 20, 2022 | by TeamLease RegTech Legal Research Team

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Finance & Taxation ComplianceThe Central Board of Direct Taxes (CBDT) January 18, 2022 has issued Notification Regarding Retention of ISO Containers to meet future requirements.

The following was stated namely: -

• field formations to allow extension of time period for re-exports of ISO containers meant for transportation of Liquid Medical Oxygen grade till September 30, 2022.

• As long as ISO containers are in India under a valid lease and the IGST amount is paid on such lease amount under CGST law, the IGST is not required to be paid on the value of the ISO containers, and in such a situation the need for re-export would not arise.

 

[Circular No. 01/2022-Customs]


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