Sir, we have executed Bond for import of goods at concessional rate of duty u/n 57/2017.
We have executed bond for Rs.one crore. Can we use the same bond by taking credit of duty of the goods imported and used in the manufacturing activity, for the purpose of further import of goods. The Department is wary of the use and they demand to execute Bond against consignment basis. Please give remedial advice.
Vasudevan konda
9727706525
Inquiry on Reusing Bonds for Concessional Duty Imports Under Notification 57/2017 Amid Customs Concerns Over Bond Exhaustion A user inquired about using an existing bond, executed for importing goods at a concessional duty rate under notification 57/2017, for further imports. The bond was valued at one crore rupees. The customs department expressed concerns and suggested executing a bond on a consignment basis. A respondent advised that if the bond is a running bond and its value is not exhausted, it can be reused. Otherwise, a new bond must be executed, particularly if the importer lacks Authorized Economic Operator status or a Status Holder Certificate as per the Foreign Trade Policy. (AI Summary)
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