Value Based Advance Licence shortfall relief: pro rata CIF reduction with duty recovery, interest and SIL for excess imports. Where shortfall under a Value Based Advance Licence does not exceed 15%, grant pro rata reduction without converting to a Quantity Based Advance Licence by taking the lesser percentage fulfillment of quantity or value to reduce CIF entitlement; if CIF utilised exceeds the reduced CIF, compute duty benefit availed, determine entitlement on the reduced CIF and recover the balance duty with 24% interest and SIL. Sensitive items limited to actual exported quantities. Adjudicated cases are not re opened.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Value Based Advance Licence shortfall relief: pro rata CIF reduction with duty recovery, interest and SIL for excess imports.
Where shortfall under a Value Based Advance Licence does not exceed 15%, grant pro rata reduction without converting to a Quantity Based Advance Licence by taking the lesser percentage fulfillment of quantity or value to reduce CIF entitlement; if CIF utilised exceeds the reduced CIF, compute duty benefit availed, determine entitlement on the reduced CIF and recover the balance duty with 24% interest and SIL. Sensitive items limited to actual exported quantities. Adjudicated cases are not re opened.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
