Hi,
I have a STPI unit registered 2 years ago as required I submitted B17 Bond, which was created for 1 year and expired in Dec 2010. Although I have given 3 years bank gaurantee while creating the bond, they granted it for one year only.
In meanwhile I have not done any imports till date and thus have not been required to pay any duties. But now that my B17 bond is lapsed, will I have to pay any penalty for non renewal of bond? Does it effect my STPI status in anyway? Kindly suggest.
Officers in the department has got to fullfill his march ending penalty collection target so I fear of becoming scape goat.
Thanks
Viny
No Penalties Expected for Non-Renewal of B17 Bond if No Duty Benefits Used; Submit New Bond with Explanation A user inquired about the potential penalties for not renewing a B17 bond for an STPI unit registered two years prior. The bond, valid for one year, expired in December 2010, and the user had not conducted any imports or availed duty exemptions. Responses suggested that since no duty benefits were utilized and there was no malicious intent, non-renewal should not be problematic. It was advised to submit a new B17 bond and explain the delay to customs or central excise authorities to seek leniency. The bond is typically used for duty debits on capital goods and exports. (AI Summary)
TaxTMI 
TaxTMI 
TaxTMI 
