GST Daily – Editorial Team
The applicant was engaged in the supply of services for the re-gasification of LNG imported by customers. During the process of re-gasification, there would be an inherent loss of gas which would be called System Use Gas (SUG). It entered into an agreement with customers that re-gasification charges would be computed on the basis of LNG delivered. It filed an application for the advance ruling to determine whether value attributable to SUG would be subject to levy of GST and includible in the consideration for re-gasification services. ? ? ?
The Authority for Advance Ruling observed that in the instant case, SUG would not be evaporated but it would be used for certain activities, either for running the re-gasification equipment or used for safety procedures by venting and using maintenance procedures. If SUG had been purchased, the same would have been added to the cost of provision of re-gasification service. Therefore, SUG value shall be part and parcel of the supply of re-gasification service and would fall within the definition of consideration for the supply. Thus, it was held that the value of SUG would be includible in taxable value and GST shall be payable thereon.
The Central Board of Indirect Taxes and Customs has notified the rate of exchange of conversion of the foreign currencies into Indian currency or vice versa, with effect from 17th June 2022, for import and export of goods. In this regard, notification has been issued in supersession of Notification No.49/2022-Customs (N.T.), dated June 2nd, 2022.
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