Exemptions for :
the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts goods of the description specified in column (1) of the Table annexed hereto, from the payment of so much of the customs duty leviable thereon under First Schedule to the Customs Tariff Act, 1975 (51 of 1975) as specified in column (3) of the said Table and from the whole of the integrated tax leviable thereon under sub-section (7) of section 3 of the Customs Tariff Act, 1975 subject to the limitations and conditions specified
Type of goods:
Machinery, equipment or tools, falling under Chapters 84, 85, 90 or any other Chapter of the
First Schedule to the Customs Tariff Act, 1975 (51 of 1975)
Conditions attached:
(Summarized for easy reference)
1- Lease of goods ONLY after Import,
2- Declaration stating that the temporarily import,
3- Import of goods is covered by schedule II of CGST,
Clause 1 (b) of Schedule II of CGST act " (b) any transfer of right in goods or of undivided share in goods without the transfer of title thereof, is a supply of services"
Clause 5 (f) of Schedule II of CGST act " (f) transfer of the right to use any goods for any purpose (whether or not for a specified period) for cash, deferred payment or other valuable consideration"
4- Goods to re-export within 3 months which can extend upto 18 months only,
5- As the duration increases from 3 months to 18 Months, the difference to be paid,
6- Importer needs to furnish a BOND,
What is exempt:
Over and above the percentage given below will be exempted for custom duty as per the notifications which can be summarized as below :
NOTE- The goods imported under this concession shall not be eligible for drawback under subsection (2) of section 74 of the Customs Act, 1962
For full text of the notification please refer -http://www.cbec.gov.in/resources//htdocs-cbec/customs/cs-act/notifications/notfns-2017/cs-tarr2017/cs72-2017.pdf
the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts goods of the description specified in column (1) of the Table annexed hereto, from the payment of so much of the customs duty leviable thereon under First Schedule to the Customs Tariff Act, 1975 (51 of 1975) as specified in column (3) of the said Table and from the whole of the integrated tax leviable thereon under sub-section (7) of section 3 of the Customs Tariff Act, 1975 subject to the limitations and conditions specified
Type of goods:
Machinery, equipment or tools, falling under Chapters 84, 85, 90 or any other Chapter of the
First Schedule to the Customs Tariff Act, 1975 (51 of 1975)
Conditions attached:
(Summarized for easy reference)
1- Lease of goods ONLY after Import,
2- Declaration stating that the temporarily import,
3- Import of goods is covered by schedule II of CGST,
Clause 1 (b) of Schedule II of CGST act " (b) any transfer of right in goods or of undivided share in goods without the transfer of title thereof, is a supply of services"
Clause 5 (f) of Schedule II of CGST act " (f) transfer of the right to use any goods for any purpose (whether or not for a specified period) for cash, deferred payment or other valuable consideration"
4- Goods to re-export within 3 months which can extend upto 18 months only,
5- As the duration increases from 3 months to 18 Months, the difference to be paid,
6- Importer needs to furnish a BOND,
What is exempt:
Over and above the percentage given below will be exempted for custom duty as per the notifications which can be summarized as below :
NOTE- The goods imported under this concession shall not be eligible for drawback under subsection (2) of section 74 of the Customs Act, 1962
For full text of the notification please refer -http://www.cbec.gov.in/resources//htdocs-cbec/customs/cs-act/notifications/notfns-2017/cs-tarr2017/cs72-2017.pdf
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