Custom Duty

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Santhosh Poojary (Querist)

20 June 2011 Whether Second Hand goods imported are chargeable to Custom duty? if yes then what Rate of duty is to be charged?

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)

20 June 2011 Import of capital goods under EPCG scheme shall be subject to actual used condition till the export obligation is completed. Both new a second hand capital good may be imported. Second hand capital goods at permitted subject to the condition that such goods have a minimum of residual life of 5 years and the importer furnishing to the customs at the time of clearance of goods a self declaration to the effect that the second hand capital goods being imported have a minimum residual life of five years in the prescribed form.
In case the value of the second hand capital goods imported is rupees one crore or more the importers shall also furnish to the customs at the time of clearance of goods a certificate from the Inspection and certification agency to the effect that the purchase price is reasonable. In case of imports at zero duty the minimum residual life of the second hand goods shall be ten years. The concessional assessment is extended only to the goods covered by an licence issued under the EPCG Scheme.

Santhosh Poojary

Santhosh Poojary (Querist)

20 June 2011 Thanks a lot for detail info sir.

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)

20 June 2011 welcome in ca club india sir.....

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