Time limit for keeping goods under bond with customs

882 views 2 replies

S.Balasubramanian.

proprietor

114 Points Joined June 2009

*What is the timelimit for keeping imported material under bond.? For a trader importing steel what are the statutory records to verify if the goods are under bond as per custom records.Can the availability &age of goods under bond be crossed checked with records /returns submitted to customs.

*If the importer suppies to OEMs and also exchanges their unused non moving material. What are the impact on VAT&Cenvat if the importer carries out certain operations,cutting,sizing..

Replies (2)

Guest

If goods are not intended for use in 100% EOU, warehousing period is 1 year from date on which order of warehousing is made u/s 60. Commissioner can extend such period by 6 months, Chief Commissioner can extend for any further period. However, beyond 90 days from date of deposit of goods in warehouse, interest is payable at 15% p.a. on duty payable at the time of filing Bill of Entry for home consumption.

Bond executed u/s 59 itself is a record.