TaxTMI 
TaxTMI 
Dear Sir,
Please advise us the procedure to re-export of such imported goods on which Basic Custom Duty is exempted. Further please also advise us the credit availed of CVD and ADDl cvd whether it will be required to reverse such credit
RE-export of imported goods on which BCD IS EXEMPTED
29 Jul 2016 
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Guest 
Export under Bond/LUT preserves customs duty exemption and avoids reversal of countervailing duty credit on re-exported imports.
Re-export of imported goods with Basic Customs Duty exemption is permissible where exports are made under bond or Letter of Undertaking, following the applicable customs notification and bond/LUT procedures. In such cases, reversal of countervailing duty and additional CVD credit generally does not arise because exports under bond/LUT are treated as tax neutral; relevant circular guidance and tribunal authority have been cited for this treatment. (AI Summary)
Re-export of imported goods with Basic Customs Duty exemption is permissible where exports are made under bond or Letter of Undertaking, following the applicable customs notification and bond/LUT procedures. In such cases, reversal of countervailing duty and additional CVD credit generally does not arise because exports under bond/LUT are treated as tax neutral; relevant circular guidance and tribunal authority have been cited for this treatment. (AI Summary)