[TO
BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3,
SUB-SECTION (i)]
GOVERNMENT
OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)
Notification
No. 72/2017 – Customs
New Delhi, the
16th August, 2017
G.S.R. (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 1 st March, 2002 published in the Gazette of India, Extraordinary,
Part II, Section 3, Subsection (i), vide number G.S.R. 124(E), dated the 1 st
March, 2002 except as respects things done or omitted to be done before such
supersession, the Central Government, being satisfied that it is necessary in
the public interest so to do, hereby exempts goods of the description specified
in column (1) of the Table annexed hereto, from the payment of so much of the
customs duty leviable thereon under First Schedule to the Customs Tariff Act,
1975 (51 of 1975) as specified in column (3) of the said Table and from the
whole of the integrated tax leviable thereon under sub-section (7) of section 3
of the Customs Tariff Act, 1975 subject to the limitations and conditions
specified in column (2) thereof, namely: -
TABLE
Description of
goods |
Limitations
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 import; (2) the importer
makes a declaration at the time of import that the goods are being imported
temporarily for execution of a contract; (3) the import of
such machinery, equipment or tools is covered under item (b) of clause 1 or
item (f) of clause 5 of Schedule II of the Central Goods and Services Act,
2017; (4) the said goods
are re-exported within three months of the date of such import or within such
extended period not exceeding 18 months from the date of said import, as the
Assistant Commissioner of Customs or the Deputy Commissioner of Customs, as
the case may be, may allow; (5) where the
Assistant Commissioner of Customs or the Deputy Commissioner of Customs, as
the case may be, grants extension of the aforesaid period for re-export, the
importer shall 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) of
Schedule II of the Central Goods and Services Act, 2017; (b) to re-export the
said goods within three months of the date of import or within the aforesaid
extended period; (c) to produce the goods before the Assistant Commissioner
of Customs or the Deputy Commissioner of Customs for identification before
reexport; (d) to pay the balance of customs
duty, along with interest, at the rate fixed by notification issued under
section 28AA of the Customs Act, 1962, for the period starting from the date
of import of the said goods and ending with the date on which the duty is
paid in full, if the re-export does not take place within the stipulated
period; and (e) to pay on demand an amount equal to the integrated tax along
with applicable interest payable on the said 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 six 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 fifteen per cent.; (iii)
goods which are re-exported after six months, but
within nine 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 twenty-five per cent.; (iv)
goods which are re-exported after nine months, but
within twelve 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 thirty per cent.; (v)
goods which are re-exported after twelve months,
but within fifteen 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 thirty-five
per cent.; (vi)
goods 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. |
Note: The goods imported under this concession shall
not be eligible for drawback under subsection (2) of section 74 of the Customs
Act, 1962.
[F.No.354/186/2017-TRU]
(Mohit Tewari)
Under Secretary to the Government of India
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