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A Critique-Liberalisation of warehousing provisions in respect of EOUs/EHTPs/STPs

Budget - By: - SKP IDT - Dated:- 5-3-2016 - EOUs are Private Bounded Warehouses licensed under section 58 of the Customs Act, 1962 and permitted under section 65 of the Customs Act, 1962 to carry out manufacturing activities within bounded premises. Section 61 of the Customs Act, 1962 governs the time limit/period to which imported goods may remain warehoused. Even though the extension of warehousing period, after the expiry of specified period, was permissible with the specific approval of Prin .....

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onalizing the warehousing provisions in relation to an EOU/EHTP/STP, by substituting erstwhile section 61 with a new section extending the warehousing period. A brief comparative of relevant existing provisions vis-à-vis proposed amendments is as follows. Warehousing period for units other than EOU/EHTP/STP would continue to remain same i.e. One (1) Year. Nature of Goods Existing Provisions Proposed Provisions Capital Goods Five (5) Years Till clearance from warehouse. Goods other than ca .....

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proposed new section, government has covered up this legal lacuna and EHTP/STP has been specifically included therein along with EOUs. Further, as per sub-clause (I) of clause (d) of condition specified under serial no. 3 of para 1 of the Notification no. 52/2003-Customs-Tariff dated 31-03-2003, period of utilization of goods including capital goods shall be co-terminus with validity of Letter of Permission (LoP). However, duty along with interest can be demanded if such goods are not proved to .....

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