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If I announce my IP space on GCP compute engine and connect to GCP via a Dedicated interconnect, as the inbound transfer on GCP is free, can I use GCP as my inbound IP Transit

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No, because Google won't onward announce your AS and prefixes.

SimonJGreen
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  • So, if I have an instance, and I announce my IP space, then the traffic will flow back through my interconnect and go out via my Transit? I don't quite get this bring your own IP thing on GCP. – asadullah sayyad Dec 25 '18 at 06:02
  • BGP on GCP is only iBGP, it's for dynamic routing between your on premise network and your GCP network. – SimonJGreen Dec 25 '18 at 10:26