Export Goods to sell in domestic market

[prabal mukherjee]

Dear Sir,

We have brought Iron Ore Pellet from X party, of Orissa under ARE-1 and CT-I to West Bengal for export. We have exported almost 90% of the cargo. But due to sudden fall in chinese market the buyer back-out to take the balance cargo and we got stuck with the balance cargo.

We have taken excise registration with a view that if we could sell the cargo in domestic market. We have found one buyer, please advise what is the exact procedure to sell the cargo in domestic market.

Much of help.

Thanks

Prabal Mukherjee

AI Summary

Diversion of export goods to domestic market requires modified CT-1, payment of excise duty with interest, and notification.
When export consignments remain unexported, the authority that accepted the bond may cancel the export application and permit diversion to the domestic market if the exporter pays the excise duty specified with interest from removal date. Obtaining modification or an NOC to the CT-1, producing ARE-1/invoice copies, making duty and interest payment, notifying the range office, and furnishing export proof for the exported portion are the operative steps. Either exporter or vendor may pay the duty and the exporter may seek re-credit of bond balances after payment.