Extension of warehousing period: automatic alignment with licence renewal allows consolidated extensions for capital goods, easing compliance. At renewal of the private bonded warehousing licence under section 58, all capital goods installed or put into use by EOU/EHTP/STP units will be granted a warehousing extension so that further extension for each item next falls due on the licence renewal date; any single extension granted at that time shall not exceed five years. The existing rule requiring duty and interest where capital goods are not used within one year (or within an approved extended period not exceeding five years) remains, and units may be asked to justify non utilisation.
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Extension of warehousing period: automatic alignment with licence renewal allows consolidated extensions for capital goods, easing compliance.
At renewal of the private bonded warehousing licence under section 58, all capital goods installed or put into use by EOU/EHTP/STP units will be granted a warehousing extension so that further extension for each item next falls due on the licence renewal date; any single extension granted at that time shall not exceed five years. The existing rule requiring duty and interest where capital goods are not used within one year (or within an approved extended period not exceeding five years) remains, and units may be asked to justify non utilisation.
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