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of <h1>New Customs Notification Offers Concessional Duty Rates for Leased Machinery Re-exported Within Specified Timeframe</h1> The Central Government has amended notification No. 27/2002-Customs to provide a concessional rate of duty for machinery, equipment, or tools taken on lease and re-exported after use. The new notification specifies conditions for eligibility, including a requirement for the importer to declare the temporary nature of the import for contract execution and to re-export the goods within a specified timeframe. The duty rates vary based on the re-export period, ranging from 5% to 40% depending on how long after import the goods are re-exported. Importers must also execute a bond with a bank guarantee to comply with these conditions.
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