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IMPORT OF GOODS AT CONCESSIONAL RATE OF DUTY PROCEDURE SIMPLIFIED WITH A DEMERIT

Budget - By: - Pradeep Jain - Dated:- 5-3-2016 Last Replied Date:- 18-4-2016 - Preface:- The Budget, 2016 brought about a series of changes in various sectors of the industry. In this article we will focus on the various changes made through notification No. 32/2016 - Customs (N.T.). This notification has been issued to supersede the existing Customs (Import of Goods at Concessional Rate of Duty for Manufacture of Excisable Goods) Rules, 1996. The new rules will be known as Customs (Import of Go .....

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The notification specifically prescribes that these rules shall be applicable. These rules will apply even if the final product is not chargeable to excise duty or are wholly exempted. Registration: - The manufacturer importer has to obtain registration from the Assistant or Deputy Commissioner having jurisdiction over his factory. The registration certificate is to be issued by AC/DC containing the details like Name and address of the manufacturer, description of the final product produced and .....

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ear). The estimated quantity, value of goods to be imported, particulars of the notification applicable and the port of Import are to be specified. Undertaking is to be given that the imported goods shall be used for the intended purpose. The application should have to be countersigned by the Assistant or deputy commissioner of central excise certifying that the bond has been executed in respect of end use of imported goods; and mentioning therein the particulars of such bond. Procedure to be fo .....

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y is to be forwarded to the assistant or deputy commissioner of excise containing the relevant particulars. Procedure to be followed by the Assistant Commissioner of Central Excise or Deputy Commissioner of Central Excise: - The copy of bill of entry as forwarded by the AC/DC of Customs is to be acknowledged by the AC/DC of Central Excise. Procedure to be followed by Manufacturer after import of goods:- The manufacturer importer has to follow the following procedure after the goods are imported: .....

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he date of import. However, the re-export value should not be less than the value of the goods at the time of import. Recovery of duty in certain case: - In case the imported goods are not used for the intended purpose then the AC/DC of central excise shall recover the amount equal to the difference between the concessional amount paid and the duty leviable if the notification was not adhered to by the manufacturer importer along with interest at the specified rates. The above procedure is appli .....

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ondition for the imported goods. The notification specifically prescribes that these rules shall be applicable. These rules will apply even if the final product is not chargeable to excise duty or are wholly exempted. Information about intent to avail benefit of exemption notification:- The manufacturer who intent to avail the benefit of exemption notification shall provide information to the AC/DC of central excise regarding his name & address, excisable goods produced in his factory, natur .....

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ort and an indication to the affect whether it is for a particular consignment or for a period upto one year; is to be filed to AC/DC of Central Excise & one set to the AC/DC of Customs at port of import. A bond or security as deemed appropriate by AC/DC of Central Excise is to be furnished to him undertaking to pay the duty leviable on default alongwith interest. The AC/DC of Central Excise shall forward one copy of information so received to the AC/DC of Customs at the port of import. On r .....

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ent of central excise. He will also maintain accounts as specified and submit a quarterly return in a specified format. Re-export or clearance of unutilised or defective goods: - The manufacturer may re-export the unutilised or defective imported goods with the permission of the AC/DC of Central Excise within 3 months from the date of import. However, the re-export value should not be less than the value of the goods at the time of import. The manufacturer may also clear the unutilised or defect .....

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Comparision of old v/s new rules:- The basic theme of new rules is the same as applicable now. However, the new rules have incorporated some simplifications and beneficiary provisions. A comparison between the two is given as follows:- In the old rules, there was requirement of taking the new registration from AC/DC of Central Excise if the benefit of these rules is to be availed. However, the new rules omit the requirement of separate registration if the manufacturer is already registered with .....

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