TaxTMI 
TaxTMI 
EODC for Advance Authorisation - Physical Export
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....ODC for Advance Authorisation - Physical Export<br> Query (Issue) Started By: - BRIJ MOHAN GOYAL Dated:- 1-7-2014 Last Reply Date:- 1-7-2014 Customs - Exim - SEZ<br>Got 1 Reply<br>Customs<br>Dear All, We had taken Advance License for import of Raw material and components against Physical Export Order. We had executed the order in time . During EODC, EO is fulfilled in terms of Value but in terms ....
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....of qty, Out of 4 nos. items , short fall is by 1 no. only. So, Please advise how to regularize AA in this case. B M GOYAL Reply By Pradeep Khatri: The Reply: Dear Brij, Please refer following para of the HBP Vol 1 read with FTP. 4.28 Regularization of Bona fide Default Cases of bonafide default in fulfillment of EO may be regularized by RA as under: a) If EO is fulfilled in terms of value,....
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.... but there is a shortfall in terms of quantity, the Authorization holder shall, for regularization, pay: (i) to customs authorities, customs duty on unutilized value of imported/ indigenously procured material along with interest as notified; however, for the customs duty component, the authorization holder has the option to furnish valid duty credit scrips issued under Chapter 3 of FTP and DEPB;....
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.... and (ii) an amount equivalent to 3 percent of the CIF value of unutilized imported material through a TR in authorized branch of Central Bank of India indicating the "Head Account: 1453, Foreign Trade and Export Promotion and Minor Head 102". Authorization holder shall also be required to obtain a separate authorization for regularization of excess imported input. However, provisions o....
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....f this sub paragraph shall not be applicable if unutilized imported material was freely importable on the date of import. Regards Team YAGAY & SUN (Management & Indirect Tax Consultants)<br> Discussion Forum - Knowledge Sharing ....