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  • Writer's pictureRajesh Audithyan

Lease Imports or Temporary Imports – First Use Equipment then Pay customs duty

Authority : Notification No. 72/2017 Dated 16th August, 2017

Applicable to : Machinery, equipment or tools, falling under Chapters 84, 85, 90 or any other Chapter

Important Conditions :

(1) The goods have been taken on lease by the importer for use after import

(2) The importer makes a declaration at the time of import that the goods are being imported temporarily for execution of a contract

(3) The said goods are re-exported within three months of the date of such import or within such extended period not exceeding 18 months from the date of said import

(4) The importer executes a bond with a bank guarantee

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