BANK GUARANTEE IS ONLY SECURITY TO SAFEGUARD THE REVENUE AND NOT TO BE CONSIDERED AS DUTY PAID

BANK GUARANTEE IS ONLY SECURITY TO SAFEGUARD THE REVENUE AND NOT TO BE CONSIDERED AS DUTY PAID https://www.taxtmi.com/article/detailed?id=8043 A bank guarantee provided to customs authorities is a security for the revenue and not payment of duty. If the underlying export obligation is later discharged, the department must refund amounts realised from the guarantee; an unjustified or prolonged delay in refunding can justify an award of compensation, distinct from statutory interest, where the revenue offers no adequate explanation for the delay. en-us Wed, 27 Jun 2018 06:41:08 +0530 Wed, 27 Jun 2018 06:41:08 +0530 TaxTMI RSS Generator BANK GUARANTEE IS ONLY SECURITY TO SAFEGUARD THE REVENUE AND NOT TO BE CONSIDERED AS DUTY PAID https://www.taxtmi.com/article/detailed?id=8043 A bank guarantee provided to customs authorities is a security for the revenue and not payment of duty. If the underlying export obligation is later discharged, the department must refund amounts realised from the guarantee; an unjustified or prolonged delay in refunding can justify an award of compensation, distinct from statutory interest, where the revenue offers no adequate explanation for the delay. Articles Customs - Import - Export - SEZ Wed, 27 Jun 2018 06:41:08 +0530 https://www.taxtmi.com/article/detailed?id=8043