Seeking Clarification

[Asked by Guest]

I would like to request , if someone told me the formalities / procedure related the following issue . I need to import some materials from china & the same materials to be export . Shall I need to pay import duty . Then my total costing will be effected . Kindly advice . If any bond can resolve the issue then what will be the formalities .

[Nash Industries I Pvt Ltd]

it appears it is trading. BCD +IGST payable. May be exported on payment of IGST and claim refund of IGST paid on export of the goods. Alternatively, drawback under Section 74 of Customs Act may be claimed, if identification issues can be established.

Dear Mr. Ramaswamy S

Thanks for your support.

[DR.MARIAPPAN GOVINDARAJAN]

I also endorsed the views of Shri Ramasamy.

[Interface Connectronics]

You can Import and Bond the items in a customs bonded warehouse on arrival of the cargo. No payment of duty is to be done. You have to execute a Double Duty Bond on Stamp Paper. Once Bonded, You can approach customs for permission to export from the bonded warehouse. Once permitted you can export the cargo.No Duty payment involved.

[Kishan Barai]

Even if you import in custom bonded warehouse, bank guarantee has to be given, so best option would be "Switch B/L" Transactions as goods would be exported directly via it under your firm name.

[KASTURI SETHI]

Perfect and convincing reply by Sh.S.Ramaswamy, an expert.

AI Summary

Import-export duty treatment: options include paying BCD and IGST with refund/drawback or using customs bonded warehouse.
Importers may either pay basic customs duty and integrated tax on import and pursue refund or drawback on export, subject to identification and documentary requirements, or place goods in a bonded warehouse by executing a double duty bond (with possible bank guarantee) and export from the bonded premises without immediate duty payment; a switched bill of lading to export directly is a commercial alternative.