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Procedure - Duty free capital items, Service Tax |
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Procedure - Duty free capital items |
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B-17 bonds are executed by 100% EOU units.The duty forgone in case of raw materials(imported/excise duty free) is debited from the bond & it is credited when the materials are consumed.What are the procedures to be followed in case of duty free Capital items.
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Bond in respect of capital goods shall not be discharged on arrival of the capital goods within the unit so long as the capital goods are in the unit.
in case of duty free Capital items duty at the rate of 25% of duty foregone is debited in B-17 Bond. the credit is allowed only at the time debonding of captial goods.
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