13 February 2014
If the cargo is lying in customs bonded werehouse (without payment of Duty) than the same can sold to any other person / company holding a valid IEC number based on "Transfer of Ownership" contract. By entering into such contract, cargo will be lying in the bonded werehouse but owner ship will be transferred from Seller to buyer. Than, buyer will have to file bill of entry in his name, pay applicable custom duties and release the cargo from bonded warehouse. No sales tax / vat will be applicable on such transection. You can take help of your CHA for this. They generally know about such transectioins.
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