CUSTOMS Notification No 72 of 2017 dt 16th August, 2017

 

 

Notification no 72/2017 Customs date on 16th August, 2017

 

Seeks to supersede Notification No. 27/2002- Customs dated 1st March, 2002 and to provide exemption to temporary import of goods from Customs duty leviable under First Schedule to the Customs Tariff Act, 1975 and from the whole of the integrated tax leviable under sub-section (7) of section 3 of the Customs Tariff Act, 1975 subject to specified conditions.

 

The extract of CUSTOMS Notification No. 72/2017- CUSTOMS is given below:

 

Notification No. 72/2017-CUSTOMS

 

 

 

[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 1st March, 2002 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 124(E), dated the 1st 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

Limitations and conditions

Extent of exemption

goods

 

 

 

 

 

 

 

 

(1)

 

 

 

(2)

 

 

(3)

Machinery,

 

(1) the goods have been taken on lease by

In the case of-

equipment

or

the importer for use after import;

(i)  goods  which  are  re-exported  within

tools,

 

falling

(2) the importer makes a declaration at

three months of the date of import, so

under Chapters

the time of import that the goods are

much of the duty of customs as is in

84,  85,

90

or

being

imported

temporarily   for

excess of the amount calculated at the

any

 

other

execution of a contract;

 

rate of five per cent.;

Chapter

of

the

(3) the

import

of

such

machinery,

(ii) goods which are re-exported after three

First

Schedule

equipment or tools is covered under

months, but within six months, of the

to the Customs

item  (b)  of  clause  1  or  item  (f)  of

date of import, so much of the duty of

Tariff

 

Act,

clause 5 of Schedule II of the Central

customs as is in excess of the amount

1975

(51

of

Goods and Services Act, 2017;

calculated  at  the  rate  of  fifteen  per

1975).

 

 

(4) the said goods are re-exported within

cent.;

 

 

 

 

three  months  of  the  date  of  such

(iii)goods which are re-exported after six

 

 

 

 

import or within such extended period

months, but within nine months, of the

 

 

 

 

not  exceeding  18  months  from  the

date of import, so much of the duty of

 

 

 

 

date of said import, as the Assistant

customs as is in excess of the amount

 

 

 

 

Commissioner  of  Customs  or  the

calculated at the rate of twenty-five per

 

 

 

 

Deputy Commissioner of Customs, as

cent.;

 

 

 

 

the case may be, may allow;

(iv) goods which are re-exported after nine

 

 

 

 

(5) where the Assistant Commissioner of

months, but within twelve months, of

 

 

 

 

Customs

or

the

Deputy

the date of import, so much of the duty

 

 

 

 

Commissioner  of  Customs,  as  the

of  customs  as  is  in  excess  of  the

 

 

 

 

case may be, grants extension of the

amount calculated at the rate of thirty

 

 

aforesaid  period  for  re-export,  the

per cent.;

 

importer  shall  pay  the  difference

(v) goods  which  are  re-exported  after

 

between the duty payable under the

twelve  months,  but  within  fifteen

 

relevant clause in column (3) and the

months, of the date of import, so much

 

duty already paid at the time of their

of the duty of customs as is in excess

 

import;

of the amount calculated at the rate of

 

(6) the importer executes a bond, with a

thirty-five per cent.;

 

bank guarantee, undertaking–

(vi) goods  which  are  re-exported  after

 

(a)  to  pay  integrated  tax  leviable

fifteen  months,  but  within  eighteen

 

under sub-section (1) of section 5 of

months, of the date of import, so much

 

the  Integrated  Goods  and  Services

of the duty of customs as is in excess

 

Act,  2017  on  supply  of  service

of the amount calculated at the rate of

 

covered  by  items  1(b)  or  5(f)  of

forty per cent.,

 

Schedule II of the Central Goods and

of the aggregate of the duties of customs,

 

Services Act, 2017;

which   would   be   leviable   under   the

 

(b) to re-export the said goods within

Customs   Act,   1962   read   with   any

 

three months of the date of import or

notification for the time being in force in

 

within the aforesaid extended period;

respect of the duty so chargeable.

 

(c) to produce the goods before the

 

 

Assistant Commissioner of Customs

 

 

or   the   Deputy  Commissioner   of

 

 

Customs for identification before re-

 

 

export;

 

 

(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.

 

 

 

Note: The goods imported under this concession shall not be eligible for drawback under sub-section (2) of section 74 of the Customs Act, 1962.

 

 

[F.No.354/186/2017-TRU]

 

 

 

(Mohit Tewari)

 

Under Secretary to the Government of India


Comments


wilma S: As per the customs notification 72/2017 dtd.16.8.2017, whether Integrated tax is wholly exempted and the percentage of duty payable is on the Basic Customs Duty. ie., whether so much of customs duty includes Basic Customs duty and integrated tax or only Basic customs duty only.

Abhijit Samdole: Is GST is applicable for maintenance amount we paid directly to builder before formation of society

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