TaxTMI 
TaxTMI 
Goods Cleared against CT - 3 Bond, please send the notification and serial number
Goods Cleared Against CT 3 Bond
30 Aug 2014 
1 Reply 
15151 Views Asked by
Guest 
Duty free movement under CT 3 bond: prescribed CT 3 issuance, warehousing verification, accountal and bond liability ensure compliance.
Procedure authorises duty free removal of goods to eligible user industries holding requisite permission and customs licences, subject to a sufficient excise bond and issuance of a CT 3 certificate by the proper officer. Consignors must dispatch ARE 3 applications and invoices in prescribed copies; user industries must verify consignments, endorse warehousing on ARE 3, maintain separate stock accounts and submit monthly returns. Bond officers perform prompt verification and countersign warehousing. Non receipt of warehousing certificates triggers escalation leading to proof of receipt or recovery of excise duty; warehousing periods are time limited with possible extensions and interest on delayed clearance. (AI Summary)
Procedure authorises duty free removal of goods to eligible user industries holding requisite permission and customs licences, subject to a sufficient excise bond and issuance of a CT 3 certificate by the proper officer. Consignors must dispatch ARE 3 applications and invoices in prescribed copies; user industries must verify consignments, endorse warehousing on ARE 3, maintain separate stock accounts and submit monthly returns. Bond officers perform prompt verification and countersign warehousing. Non receipt of warehousing certificates triggers escalation leading to proof of receipt or recovery of excise duty; warehousing periods are time limited with possible extensions and interest on delayed clearance. (AI Summary)