TMI BlogExemption / Concessional rate of customs duty / IGST in respect of temporary import of goods (on lease) to be re-exported subject to specified conditionX X X X Extracts X X X X X X X X Extracts X X X X ..... i, the 16th August, 2017 G.S.R. 1019 (E)- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962) , and in supersession of the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.27/2002 Customs dated the 1st March, 2002 published in the Gazette of India, Extraordinary, Part II, Section 3, Su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... imitations and conditions Extent of exemption (1) (2) (3) Machinery, equipment or tools, falling under Chapters 84 , 85 , 90 or any other Chapter of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975). (1) the goods have been taken on lease by the importer for use after ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hall pay the difference between the duty payable under the relevant clause in column (3) and the duty already paid at the time of their import; (6) the importer executes a bond, with a bank guarantee, undertaking (a) to pay integrated tax leviable under sub-section (1) of section 5 of the Integrated Goods and Services Act, 2017 on supply of service covered by items 1(b) or 5(f) o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aid goods but for the exemption under this notification in the event of violation of any of the above conditions. In the case of- (i) goods which are re-exported within three months of the date of import, so much of the duty of customs as is in excess of the amount calculated at the rate of five per cent.; (ii) goods which are re-exported after three months, but within s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s which are re-exported after fifteen months, but within eighteen months, of the date of import, so much of the duty of customs as is in excess of the amount calculated at the rate of forty per cent., of the aggregate of the duties of customs, which would be leviable under the Customs Act, 1962 read with any notification for the time being in force in respect of the duty so chargeable. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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