CBIC : Free moulds & dies sent by OEM to component manufacturer non-taxable, no ITC reversal

CBIC inter alia clarifies that no GST shall be applicable on moulds & dies sent free of cost by original equipment manufacturer to unrelated component manufacturer as same does not constitute “supply” absent any consideration; In such case, there is no requirement of reversing ITC by OEM since moulds & dies are provided on FOC basis in course or furtherance of component manufacturer’s business, and value of such moulds & dies shall not be included in value o...