CA to give destruction certificate for unutilized duty free imported material from unregistered sources with pre-import condition. Requirement of destruction certificate from excise/custom authorities waived off
Chapter 4 of the Hand Book of Procedures (HBP) (2015-20) issued by the DGFT contains provisions related to Duty Exemption and Remission Schemes.
Para 4.49 provides for the instances where cases of bonafide default in fulfillment of EO may be regularised by the Regional Authority.
Clause (g) of the Para 4.49 provides for Regularization of Bona fide default in the cases where Authorisation was issued for import of drugs from unregistered sources with pre import condition.
As per sub clause (i) for the regularisation of the import of drugs from unregistered sources issued with pre import condition the authorisation holder is required to submit documents showing consumption of full imported quantity as per norms. In case, there is shortfall in fulfilment of EO and unutilised imported quantity remains with the authorisation holder, the Authorisation holder is required either to submit a certificate from the jurisdictional Central Excise / Customs Authority certifying destruction of the unutilised imported quantity in abcaus.in their presence or proof of re-export of the same to the same supplier in-terms of para 4.43A of HBP 2015-2020.
The said Para 4.49(g)(i) of HBP 2015-20 has been now amended by a Public Notice to provide that in cases of shortfall in fulfilment of EO where unutilised imported quantity remains with the authorisation holder, the Authorisation holder shall submit a self declaration along with Chartered Accountant’s certificate regarding destruction of the unutilised duty free imported material accompanied by an affidavit-cum-indemnity bond indemnifying the Government for any harm or loss occurring due to diversion of such imported material from unregistered sources into the domestic market.
In other words, the requirement of destruction certificate from excise/custom authorities for the unutilized duty free imported material from unregistered sources with pre-import condition has been waived off.
CIT Revision notice u/s 263 quashed as the Assessing Officer rightly taken DVO value of property sold as actual sale…
Extension of timeline for implementation of mandatory "Ship To GSTIN" and Voluntary Closure of E-Way Bill functionalities GSTN Advisory dated…
No protective addition required in the hand of a third party when additions have been confirmed in the hands of…
Limitation for filing application u/s 34 of Arbitration Act commence from date on which application u/s 33 is disposed of…
Case remanded as no finding was given whether cash payments disallowed u/s 40A(3) were covered by Rule 6DD under Income…
In case of investment in share capital, the source of investment may remain outside the control of the investee company.…