Advance licence
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 July 2013
We have imported raw material under Advance Licence for use in our Exports.
Unfortunately, the export order got cancelled due to business reasons and we are not able to fulfil the export obligation fully. There is balance of material left with which we plan to re-export to the foreign supplier. If we re-export, whether it will be treated as part of fulfilment of Export obligation so that we don't end up paying the differential duty enjoyed on account of import under advance licence.
Unfortunately, the export order got cancelled due to business reasons and we are not able to fulfil the export obligation fully. There is balance of material left with which we plan to re-export to the foreign supplier. If we re-export, whether it will be treated as part of fulfilment of Export obligation so that we don't end up paying the differential duty enjoyed on account of import under advance licence.
31 July 2013
in this case shall, for regularisation, pay:
to the customs authority, customs duty on the unutilised imported material along with interest at the rate of 24 per cent per annum thereon;
to the licensing authority a sum which is equivalent to the CIF value of unutilised material imported and a sum equivalent to the short fall in export obligation.
follow link:
https://www.jawaharcustoms.gov.in/newsite/StandingOrders/SO2009/SO-53-09.htm
to the customs authority, customs duty on the unutilised imported material along with interest at the rate of 24 per cent per annum thereon;
to the licensing authority a sum which is equivalent to the CIF value of unutilised material imported and a sum equivalent to the short fall in export obligation.
follow link:
https://www.jawaharcustoms.gov.in/newsite/StandingOrders/SO2009/SO-53-09.htm
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