Question12 :
CBEC has issued Circular No. 46/2017- Customs dated 24th November, 2017 with respect to applicability of IGST on goods sold while being deposited in warehouse (Bond to Bond Transfer).
We would like to know the following :-
a) Applicability date of such circular, whether retrospective or prospective?
b) If retrospective, then we will have to deposit IGST amount along with interest. But how can we set off such amount on monthly basis since revision utility of Form GSTR- 3B has not yet started as well as there is no such date of filing of Form GSTR -3?
 

Answer:
The circular issued by the government is clarificatory in nature and the same is without any change in law so it should be considered retrospective in nature. so for payment of tax is concerned it can be paid in current month with interest The revision of return may be done after the utilities are started. You are first responsible to pay tax.
 The reporting ( filing of return is second thing when we talk about the compliance of law. (Reply dt. 12/12/2017)