CBEC eases the norms for
furnishing security / surety along with Bank Guarantee / bond by importers
seeking to avail concessional duty benefit in terms of Customs (Import of Goods
at Concessional Rate of Duty) Rules 2017; Accordingly, states that all importers
who are manufacturers / service providers registered under GST and have been
filing prescribed GST returns without fail and whose annual turnover in
preceding year is above Rs. 1 Cr, shall give surety for the amount of duty
foregone and where they are unable to do so, a Bank Guarantee (with
self-renewal clause) / Cash security equivalent to not more than 5% of duty
foregone shall be furnished; Dept. of Central Govt. / State Govt. / UT / PSU /
autonomous institute under the said Govts. and all importers who are Authorised
Economic Operators are exempt from such requirement; All other importers must
furnish Bank Guarantee / Cash security for an amount not more than 25% of duty
foregone; However, jurisdictional Commissioner may order for higher quantum subject
to limit of 100% of duty foregone amount, and where importer so requests, the
bank guarantee / cash security may be taken consignment-wise to obviate
financial burden : CBEC Circular
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