Hi
We are registered company into Trawler - fishing vessels construction having IEC and Central excise registration. We will import Raw materials(steel plates, Angles etc) and parts(Marine Engine & Gear box) for construction of trawlers. As per customs notifications goods falling under 8902 has been charged Nil rate of duty. However we are not clear on procedure to avail this benefit. Can someone help me to get the clarity.
Thanks in advance!
Company Seeks Duty-Free Import for Trawler Parts; Must Follow Customs Rules 2016 and Execute Bond for Exemption A company involved in constructing trawler fishing vessels inquired about the procedure to avail a nil duty rate for importing raw materials and parts under customs notification 8902. A respondent clarified that under the Customs (Import of Goods at Concessional Rate of duty for manufacture of Excisable goods) Rules 2016, the company must inform Central Excise of their intention to use the duty exemption, follow the specified procedures, and execute a bond for the duty saved amount. Upon acceptance, a procurement certificate will be issued to facilitate the duty exemption. (AI Summary)
TaxTMI 
TaxTMI 
