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Home consumption's bill of entry can be substituted with one for warehousing
Business Standard
|July 23, 2024
We have filed a bill of entry for home consumption but due to some financial difficulties, we are unable to pay the duty immediately.
So, we want to put the goods in a public bonded warehouse and clear the goods when we have the money to pay the duty. Can we do that?
Section 46(5) of the Customs Act, 1962, says that if the proper officer is satisfied that the interests of revenue are not prejudicially affected and that there was no fraudulent intention, he may permit substitution of a bill of entry for home consumption for a bill of entry for warehousing or vice versa. So, you have to file a request with the proper officer and satisfy him that the revenue interests are not prejudicially affected if he allows the goods to be stored in a bonded warehouse and get his permission.
This story is from the July 23, 2024 edition of Business Standard.
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