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CHEMEXCIL
Basic Chemicals, Cosmetics & Dyes Export Promotion Council
(Set-up by Ministry of Commerce and Industry, Govt of India)
Jhansi Castle, 4th Floor, 7 Cooperage Road, Mumbai - 400 001.India.
Tel : +91 22 22021288 / * Fax : +91 22 22026684
* E-mail : info@chemexcil.gov.in Web : https://chemexcil.in
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EPC/LIC/CBEC/Imports
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11th Dec 2017
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ALL MEMBERS OF THE COUNCIL
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CBEC
Clarification on Customs (Import of Goods at Concessional Rate of Duty)
'Rules, 2017
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Dear Members ,
The Central Board of Excise and Customs (CBEC) has issued Circular No. 48/2017-Cus dated 08.12.2017 regarding Clarification on Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017.
As you are aware, as per existing Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017, an importer in order to avail tariff exemptions is required to submit such surety or security as deemed appropriate by the Deputy Commissioner of Customs or Assistant Commissioner of Customs having jurisdiction over the premises where the imported goods shall be put to use for manufacture of goods or for rendering output services. However, authortities were given to understand that the provision of submission of surety or security in the rules was posing a major challenge for domestic industry.
As a trade facilitation measure, CBEC has issued this circular related to rules for provisions of submission of surety or security.
The details about “Category of Importer” and “Quantum of Bank Guarantee/Cash Security and requirement of surety as per above-said circular are highlighted as follows:
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Category of Importer
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Quantum of Bank Guarantee/cash
security and requirement of Surety
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a) All importer (s) who are either a department of Central Government or a State Government or a Union Territory or a Public Sector Undertaking or an autonomous institute under the said
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Bank Guarantee/Cash Security-Nil
Surety-Not required.
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b) All importers who are Authorized Economic Operators.
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c) All importers who are manufacturers or service providers registered under GST and have been filing prescribed GST returns without fail and whose annual turnover in the preceding year is
above Rs. 1 crore.
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Importers shall give surety for the amount
of duty foregone. However, where the importer is not able to provide the surety, a Bank Guarantee/ Cash Security equivalent
to not more than 5% of duty foregone shall
be furnished.
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d) Importers, not covered under (a), (b)
& (c) above.
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Bank Guarantee/Cash Security-Not more
than 25% of the duty foregone amount.
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Members are requested to take note of the same. For further details, Circular No. 48/2017-Cus dated 08.12.2017 is available for download using below link-
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Circular No.
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English
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Date of issue
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File No.
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Subject
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48/2017
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View(843 KB)
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08-12-2017
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F.No.450/28/2016-Cus.IV
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Clarification on Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017 –reg
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http://www.cbec.gov.in/htdocs-cbec/customs/cs-circulars/cs-circulars-2017/circ48-2017cs.pdf
Thanking you,
Yours faithfully,
(S.G. BHARADI)
Executive Director
CHEMEXCIL
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