Non-transferability of Pass Book credits restricts input-based customs credit to specified ports under value addition and quality conditions. The amendment confines the Pass Book Scheme to specified ports and permits credit only for inputs listed in standard input-output norms with quantity restrictions, subject to declaration and proof of actual use and input quality. Credits are allowed at the basic Customs duty rate or applicable concessional rate, with valuation and duty rate fixed as at the date and place of the let export order; a value addition limit bars credit where inputs exceed seventy five percent of FOB value, and the Pass Book and its credits are non-transferable.
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Provisions expressly mentioned in the judgment/order text.
Non-transferability of Pass Book credits restricts input-based customs credit to specified ports under value addition and quality conditions.
The amendment confines the Pass Book Scheme to specified ports and permits credit only for inputs listed in standard input-output norms with quantity restrictions, subject to declaration and proof of actual use and input quality. Credits are allowed at the basic Customs duty rate or applicable concessional rate, with valuation and duty rate fixed as at the date and place of the let export order; a value addition limit bars credit where inputs exceed seventy five percent of FOB value, and the Pass Book and its credits are non-transferable.
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