Time limit for purchase return of imported goods



Dear Sirs,

We have a case where we want purchase return imported material. We would like to understand the time limit within which it is allowed to do purchase return of imported goods.

Regards,

Subodh

 
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Company Secretary

Dear Subodh 

As per FEMA peyment for import has to be setteled with 6 months from the date  of Import or the Import has to be made within 6 months from the date of payment made to the supplier in Advance but:

the banks can consider granting extension of time for settlement of import dues up to a period of six months at a time (maximum up to the period of three years) irrespective of the invoice value for delays on account of disputes about quantity or quality or non-fulfilment of terms of contract; financial.

As per the Customs Acts there is no time limit for returning of the Imported goods however if you want to avail Draw back of Customs duty paid on that goods the goods should be re exported within 3 years of export because the draw back is allowed on the basis of thime within which you return the imported goods like if you return the goods withn One month of Import you can have at least 98% customs duty  paid at the time of import as refund ,if you return after 6 months fronm the date of import you can have at least say 80% of duty paid but if you returned after 3 years from the date of import you will get NIL Customs duty as refund.

 
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