S.Balasubramanian. (proprietor) (114 Points)
08 September 2011*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..
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.
RAMESH KUMAR VERMA
( CS PURSUING )
(43853 Points)
Replied 09 September 2011
Goods can be kept in warehouse upto one year, Extension can be obtained. Interest is payable for warehousing beyond 90 days, @ 15%.
FOR MORE INFORMATION:
https://www.dateyvs.com/custom09.htm
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