Seeks to further amend notification No. 12/2012-Customs dated 17.3.2012 so as to provide exemption from custom duties on all raw material and parts for use in manufacture of certain specified ships/vessels subject to actual user condition and also removing the requirement of manufacturing of ships/vessels in a custom bonded warehouse under the provisions of Section 65 of the Customs Act, 1962 for availing duty benefits https://www.taxtmi.com/notifications?id=118392 The amendment inserts a new notification entry granting nil customs duty on raw materials and parts for manufacture of specified vessels, subject to actual user conditions. Units holding inputs imported under the earlier exemption must furnish a bond to the jurisdictional customs office, detailing the goods and undertaking to utilize them for manufacture of the specified vessels; failure to use the goods for that purpose will attract payment, on demand, of an amount equal to the duty that would have been payable but for the exemption. en-us Tue, 24 Nov 2015 00:00:00 +0530 Sat, 28 Nov 2015 10:54:00 +0530 TaxTMI RSS Generator Seeks to further amend notification No. 12/2012-Customs dated 17.3.2012 so as to provide exemption from custom duties on all raw material and parts for use in manufacture of certain specified ships/vessels subject to actual user condition and also removing the requirement of manufacturing of ships/vessels in a custom bonded warehouse under the provisions of Section 65 of the Customs Act, 1962 for availing duty benefits https://www.taxtmi.com/notifications?id=118392 The amendment inserts a new notification entry granting nil customs duty on raw materials and parts for manufacture of specified vessels, subject to actual user conditions. Units holding inputs imported under the earlier exemption must furnish a bond to the jurisdictional customs office, detailing the goods and undertaking to utilize them for manufacture of the specified vessels; failure to use the goods for that purpose will attract payment, on demand, of an amount equal to the duty that would have been payable but for the exemption. Notifications Customs Tue, 24 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/notifications?id=118392