6 Questions
What does the Customs Act, 1962 facilitate for imported goods?
Deferred payment of customs duty until the goods are cleared from the warehouse
Under the provisions of the Customs Act, 1962, how long can imported goods remain in a warehouse without incurring any interest liability?
2 years
Who can avail the warehousing provisions under the Customs Act, 1962?
Both traders and direct importers
What is the importer required to pay in order to utilize the warehousing facility?
A sum equal to thrice the amount of total duty determined with surety or security as required
When does the importer agree to pay duty on the goods cleared from the warehouse?
At the time of clearance from the warehouse at the rate of duty and valuation prevalent on the date a bill of entry is presented
What consideration must the importer make in order to utilize the warehousing facility?
Agree to pay thrice the amount of total duty determined with such surety or security as may be required
Test your knowledge on the provisions for warehousing of imported goods under the Customs Act, 1962. Explore the regulations related to the removal, payment of customs duty, time periods, and interest liabilities for goods stored in warehouses.
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