TaxTMI 
TaxTMI 
Clarification on Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017-reg.
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....th December, 2017 To All Principal Chief Commissioner/Chief Commissioner of Customs /Custom (Preventive), All Principal Chief Commissioner/Chief Commissioner of Central Tax, All Principal Commissioner/Commissioner of Customs / Customs (Preventive), All Principal Commissioner/ Commissioner of Central Tax. Sir /Madam, Subject: Clarification on Customs (Import of Goods at Concess....
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....hat the provision of submission of surety or security in the rules, is posing a major challenge for domestic industry particularly electronic hardware manufacturers as submission of surety increases the transaction cost hampering their efforts to optimise the manufacturing capacity. 4. In this regard, it is worthwhile to mention that the option to furnish surety or security along wi....
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....mporter (s) who are either a department of Central Government or a State Government or a Union Territory or a Public Sector Undertaking or an autonomous institute under the said governments. Bank Guarantee/Cash Security-Nil Surety-Not required. b) All importers who are Authorized Economic Operators. c) All importers who are manufacturers or service providers registered under G....
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....d 25% respectively has been fixed unless the Deputy Commissioner or the Assistant Commissioner has reasons to demand a higher quantum of Bank guarantee/ cash security, in which case the matter shall be referred to the jurisdictional Commissioner who may order for higher quantum of Bank Guarantee or cash security, subject to limit of 100% of the total duty foregone, after recording the reasons ther....