CBIC Issues Clarification on "As Is / As Is, Where Is Basis" mentioned in GST Circulars

The CBIC has clarified the terms “as is” and “as is, where is basis” mentioned in previous GST circulars. This clarification aims to remove ambiguity in interpreting these terms, which are commonly used in transactions involving used goods and repossessed assets. The CBIC’s clarification ensures that taxpayers have a clear understanding of these terms, promoting consistency in GST compliance and reducing disputes related to the interpretation of these terms.