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of <h1>New Circular Streamlines Bonded Warehouse Operations Under Customs Act Section 65; Simplifies Licensing, Tax, and Compliance Procedures.</h1> The circular outlines the procedures for manufacturing and other operations in bonded warehouses under Section 65 of the Customs Act, 1962. It integrates previous regulations and clarifies processes for obtaining permissions, maintaining records, and executing bonds. Warehouses must be licensed under Section 58, and applicants can apply for licenses and permissions simultaneously. The circular specifies tax obligations for products cleared for domestic consumption or export, including GST and import duties. It also addresses the handling of waste, import of capital goods, and procurement of duty-exempt goods. The circular aims to streamline operations, ensure compliance, and facilitate timely clearances without requiring prior permission for each transaction.
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