SUB : Clarification on Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017 - reg.

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.... (Import of Goods at Concessional Rate of Duty) Rules, 2017 - reg. Attention of the Importers, Exporters, General Trade, Custom Brokers and all other stakeholders in the jurisdiction of JNCH, Nhava Sheva is invited to the Board Circular No. 48/2017-Customs dated 8th December, 2017 on the above mentioned subject and Notification No. 68/2017-Customs (N.T.) dated 30.06.2017. 2. As per sub-rule (2) ....

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....ise the manufacturing capacity 4. In this regard, the Board has clarified that the option to furnish surety or security along with the Bond is given, in order to facilitate manufacturers and service providers keeping in view the different environments in which the entrepreneurs function and also to protect the interests of revenue. However, keeping in view the objective of the Government to furth....

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....rs. c) All importers who are manufacturers or service providers registered under GST and have been filing prescribed GST returns without fail and whose annual turnover in the preceding year is above ₹ 1 crore. Importers shall give surety for the amount of duty foregone. However, where the importer is not able to provide the surety, a Bank Guarantee/Cash Security equivalent to not more than....

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....00% of the total duty foregone, after recording the reasons thereof in writing. 7. In order to avail above exemption/relaxation from furnishing Bank Guarantee/Cash security or surety, prosecution should not have been initiated or launched against the importer under, any Act administered by the Central Board of Excise & Customs or State Goods & Service Tax Act or Integrate Goods & Service Tax Act ....