What is the information on GST that companies should be aware of when importing goods from vendor for subsequent sales locally?
The goods can be stored in a Free Trade Zone (FTZ) or taken out into Customs territory. GST is suspended when goods are stored in an FTZ.
An In-Payment (GST) permit is required for goods to be removed from the FTZ for local supply. In this case, the taxable value is the Cost, Insurance and Freight (CIF) value.
If there is sale and supply of the goods when they are being stored in the FTZ, the taxable value for GST is based on the last selling price.
Related questions
Our office is located in the Free Trade Zone (FTZ). We wish to transfer our office equipment to a new office located outside FTZ. Do we need to take up a permit?
l imported goods under an In-Non-Payment "Storage in FTZ" permit. Should I apply for a payment permit to clear the goods from the Free Trade Zone (FTZ)?
What are the documentation requirements for the re-entry of local goods meant for re-export but were stored in the Free Trade Zone (FTZ) for a week?
Can I declare the value of the goods in the GST payment permit using the supplier's pro-forma invoice?
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