Poging GOUD - Vrij
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.
Dit verhaal komt uit de July 23, 2024-editie van Business Standard.
Abonneer u op Magzter GOLD voor toegang tot duizenden zorgvuldig samengestelde premiumverhalen en meer dan 9000 tijdschriften en kranten.
Bent u al abonnee? Aanmelden
MEER VERHALEN VAN Business Standard
Business Standard
Semi-final shock for Left in Kerala local body polls
Months before Assembly elections, Congress sees resurgence and BJP continues making inroads.
3 mins
December 15, 2025
Business Standard
50 years of RRBs: A story of rural India
After consolidation, creating a national rural bank holding company, an apex body to oversee governance, capital support, and technology integration across RRBs can be considered
5 mins
December 15, 2025
Business Standard
Carmakers gearing up to hit refresh button
Planning mid-cycle facelifts over new launches
2 mins
December 15, 2025
Business Standard
Banks asked to offer basic services at all branches
Lenders nudged to cut charges and maintain uniformity
2 mins
December 15, 2025
Business Standard
Non-metro India now drives most crypto growth: Ashish Singhal
Ashish Singhal, cofounder of CoinSwitch, India’s largest cryptocurrency (crypto) trading platform, says crypto adoption in the country is rapidly shifting beyond metropolitan centres. Non-metro regions now account for nearly 76 per cent of India’s crypto activity among CoinSwitch’s 25 million users, while women investors make up 12 per cent of the user base. Despite a 30 per cent crypto tax and 1 percent tax deducted at source (TDS), the market remains youth-driven, with investors aged 26-35 contributing 45 per cent of total investments. In a video interview with Peerzada Abrar, Singhal discusses demographic trends, regulatory challenges, and the shift from speculative trading to long-term investing. Edited excerpts:
2 mins
December 15, 2025
Business Standard
Semi-final shock for Left in Kerala local body polls
Months before Assembly elections, Congress sees resurgence and BJP continues making inroads. Shine Jacob reports
3 mins
December 15, 2025
Business Standard
Copyright protection
Better framework is needed for AI training
2 mins
December 15, 2025
Business Standard
Time right for banks to star in the M&A story
The Reserve Bank of India’s (RBI's) draft guidelines on financing mergers and acquisitions (M&As) signal that these are no more episodic but have become a strategic lever for growth, enabling companies to acquire technology, enter new markets and strengthen themselves against competition.
2 mins
December 15, 2025
Business Standard
AI influencing growth, cost: Airtel CTO
Integrating artificial intelligence (AI) into networks has driven down costs and raised efficiency for Bharti Airtel, says Chief Technology Officer Randeep Sekhon, in an in-person interaction with Gulveen Aulakh. Its implementation is positively impacting capital expenditure, operating expenditure, and business growth, and enabling the telco to stop KYC-related frauds. Edited excerpts:
3 mins
December 15, 2025
Business Standard
300 products hold huge potential for Indian exporters in Russia: Official
As many as 300 products, including that of engineering goods, pharma, agri, and chemicals, hold huge potential for Indian exporters to push their shipments to Russia as the two countries target $100 billion trade by 2030, an official said.
1 min
December 15, 2025
Listen
Translate
Change font size