Dear Members,
We are the exporter of Iron and Steel Products. We have transfered the goods from our factory to port for export purpose without payment of duty under ARE-1Form. Due to market scenerio we could not export the same. Hence we decided to transfer the said goods to another Indian Port with an intention of clearing the goods in DTA.
In light of the above, kindly provide the procedures to be followed under Customs and Central Excise Act/ Rules.
Regards,
Raghavendra
Dear Raghavendra,
Write a letter to your bond accepting authority, requesting them to allow cancellation of ARE-1 and divertion of goods for home consumption. Based on his permission the goods can be cleared for home consumption. But you will have to pay interest @ 24% pa calculated from the date of clearance of the goods for the intention of export, on the duty calculated in the said ARE-1 along with the said duty.
Boutique Investment Bank & Transaction Advisory Firm
Gurgaon
CA
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