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TMI BlogConcessional rate of duty on Machinery, equipment or tools taken on lease when re-exported after useX X X X Extracts X X X X X X X X Extracts X X X X ..... t of so much of the customs duty leviable thereon as is specified in column (3) of the said Table, subject to the limitations and conditions specified in column (2) thereof, namely: - TABLE 1 Description of Goods Limitations and conditions Extent of exemption goods 1 2 3 Machinery, equipment or tools, falling under Chapters 84, 85, 90 or any other Chapter of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975). (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 bein ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s in excess of the amount calculated at the rate of five per cent.; (ii) goods which are re-exported after three months, but within six months, of the date of import, so much of the duty of customs as is in excess of the amount calculated at the rate of fifteen per cent.; (iii) goods which are re-exported after six months, but within nine months, of the date of import, so much of the duty of customs as is in excess of the amount calculated at the rate of twenty five per cent.; (iv) goods which are re-exported after nine months, but within twelve months, of the date of import, so much of the duty of customs as is in excess of the amount calculated at the rate of thirty per cent.; (v) goods which are re-exported after ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orarily for execution of a contract; (3) the said goods are re-exported within six months of the date of importation, or within such extended period not exceeding one year from the date of importation, as the Assistant Commissioner of Customs or Dy. Commissioner of Customs, as the case may be, may allow; (4) where the Assistant Commissioner of Customs or Deputy Commissioner of Customs, as the case may be, grants extension of the aforesaid period for re-export, the importer shall pay the difference between the duty payable under clause(ii) in column (3) and the duty already paid at the time of importation; and (5) the importer executes a bond, with a bank under guarantee, undertaking - (a) to re-export the said goods ..... X X X X Extracts X X X X X X X X Extracts X X X X
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