Customs exemption for specified textile machinery: duty relief subject to export obligation, bond and certification compliance. Notification grants a conditional exemption for specified new textile machines in Chapter 84 from customs duty above a 25 per cent ad valorem rate and from additional duty under section 3, provided the importer produces a certificate from an officer of specified rank and executes a bond. The bond requires that goods produced by the imported looms and Rotor Spinning Machines, exceeding five times the machine's customs value, be exported or used in exported fabric within five years, above the importer's average export performance for the prior three years, and that the importer comply with the Chief Controller's enforcement instructions.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Customs exemption for specified textile machinery: duty relief subject to export obligation, bond and certification compliance.
Notification grants a conditional exemption for specified new textile machines in Chapter 84 from customs duty above a 25 per cent ad valorem rate and from additional duty under section 3, provided the importer produces a certificate from an officer of specified rank and executes a bond. The bond requires that goods produced by the imported looms and Rotor Spinning Machines, exceeding five times the machine's customs value, be exported or used in exported fabric within five years, above the importer's average export performance for the prior three years, and that the importer comply with the Chief Controller's enforcement instructions.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
