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of <h1>India Grants Customs Duty & IGST Exemptions for Temporarily Imported Goods Under Notification No. 72/2017.</h1> The Government of India issued Notification No. 72/2017, under the Customs Act, 1962, providing exemptions on customs duty and IGST for temporarily imported goods, such as machinery and equipment, intended for re-export. The exemptions apply under specified conditions, including the goods being leased, declared for temporary use, and re-exported within three months or an extended period up to 18 months. Importers must execute a bond with a bank guarantee and comply with conditions for re-export. Duty rates vary depending on the re-export timeline, with specific percentages applicable for different periods. Goods under this concession are not eligible for duty drawback.
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