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of <h1>Concessional Customs Duty for Leased Machinery: Temporary Import, Re-Export Required Under Customs Act, 1962. Extensions Possible.</h1> The notification outlines a concessional customs duty rate for machinery, equipment, or tools imported on lease, provided they are re-exported after use. Under the Customs Act, 1962, such goods are exempt from a portion of the customs duty, subject to conditions like declaring the temporary import for contract execution and re-exporting within specified timeframes, ranging from three to eighteen months. Extensions may be granted by customs authorities, with the importer required to pay the duty difference if applicable. The importer must also execute a bond with a bank guarantee to ensure compliance with re-export and duty payment obligations.
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