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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.
(Mohit Tewari)
Under Secretary to the Government of India
[F.
No.354/186/2017-TRU]
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