TaxTMI 
TaxTMI 
Warehousing – Grant of extension of warehousing period by the Chief Commissioners under section 61 of the Customs Act, 1962-regarding
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....s Subject: Warehousing - Grant of extension of warehousing period by the Chief Commissioners under section 61 of the Customs Act, 1962-regarding As you are aware, section 61 of the Customs Act, 1962 lays down the period for which imported goods can be warehoused. The first proviso to Section 61 of the Customs Act provides that the prescribed period of warehousing, on sufficient cause being s....
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....ustoms Act, 1962, after the amendment of section 61 of the Customs Act, 1962 was carried out in 1994. 3. The matter has been examined in the Board. High levels of imported bonded goods lying in the warehouses and Customs duty locked up thereon are matters of concern. For this purpose, in the recent past, warehousing provisions under the Customs Act, 1962 have been tightened so as to encourage e....
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....ond the control of the importer viz. closure of the factory due to strike, lock-out, natural calamities, etc. Financial constraints of the importers are not to be considered as adequate ground for granting extension of warehousing period. 4. While considering the requests for extension of warehousing period, the concerned authority should be satisfied regarding the condition of the goods and sh....
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.... • Goods supplied as ships stores/aircraft stores, • Goods supplied to diplomats, • Goods warehoused and sold through duty free shops, • Goods imported by 100% EOUs , • Goods used in the units operating under manufacture-in-bond scheme, • Machinery, equipments and raw materials imported for building and fitme....