<p style="text-align:justify"><span style="font-size:14px"><span style="color:#34495e">This amounts to an import in accordance with the definition of the word &ldquo;import&rdquo; in the IGST Act, 2017 which provides that &ldquo;bringing into India of any goods from any place outside India&rdquo; is an import of the goods. What is material in this definition is the mere act of bringing into India; the ownership is not material for determining whether an import has taken place. Banks, being registered entities, would be liable to pay IGST on such imports but not the overseas entities since they are not effecting the import.</span></span></p>